NIKE(US:NKE) Zhi Tong Cai Jing·2025-08-28 07:00Core Viewpoint - UBS indicates that Nike's transformation is underway but will take at least a year to translate into sustainable revenue growth [1][2][3] Group 1: Transformation Progress - Nike's transformation is progressing, but the pace may not meet investor expectations, with the market anticipating a return to mid-single-digit revenue growth and healthy EBIT margins [1] - UBS emphasizes that improvements in franchise management are a key advancement, as the product team previously over-relied on classic franchise products, sacrificing innovation [1][2] Group 2: Strategic Direction and Challenges - UBS notes that the over-distribution of core classic series is being corrected, and Hill's clear strategic direction is expected to enhance operational efficiency and corporate culture [2] - The full implementation of Elliott Hill's changes may take at least a year or longer due to three main factors: the new team needing time to adapt, the complexity of global operations requiring fine coordination across regions and product categories, and a product delivery cycle exceeding one year delaying consumer impact [2]