逆风蓄力，耐克等待反转

Core Insights - Nike's fiscal year 2025 results showed a total revenue of $46.3 billion, with Q4 revenue reaching $11.1 billion, exceeding expectations [3] - The company's stock surged by 15.25% on the day of the earnings report, marking its largest single-day increase in nearly four years, and its market capitalization surpassed $106.4 billion [3] - New CEO John Donahoe emphasized the ongoing transformation under the "Win Now" plan, which aims to enhance brand competitiveness and operational efficiency [3][10] Financial Performance - Nike's Greater China revenue for the fiscal year was $6.585 billion, with Q4 revenue at $1.476 billion [3] - The company reported a significant reduction in inventory levels, with a year-over-year decrease of over 20% in classic shoe lines and a 30% reduction in Q4 [15] - Inventory levels in Greater China decreased by 11% year-over-year [15] Strategic Initiatives - The "Sport Offense" strategy focuses on core sports areas, brand differentiation, and enhancing product offerings to drive future growth [3][10] - Nike's "Win Now" plan includes rapid actions to reshape brand competitiveness and reactivate market growth amid increasing competition [10] - The company has launched a series of innovative running shoes, including the Vomero, Structure, and Pegasus lines, which have seen strong sales [11] Market Engagement - Nike is actively engaging with female athletes through initiatives like the "Breaking Four" project, aiming to capture the growing women's sports market [16][17] - The company has launched the "2025 AFTER DARK TOUR" in Shanghai, targeting female runners and promoting running culture [17] - Nike's basketball segment continues to thrive, with new signature shoes and community-focused events enhancing its local presence [13][15] Brand Positioning - Nike's historical milestones in sports, such as the first women's marathon gold medal and the "Breaking Two" marathon, reinforce its brand identity as a pioneer in athletic achievement [7] - The company is leveraging emotional consumption trends among younger consumers, collaborating with brands like LEGO to enhance engagement [19][22] - Nike's commitment to innovation and local market investment aims to build a sustainable competitive advantage in the sportswear industry [24]