纺织服饰行业周专题：Nike FY2025 Q2营收下降8%，推进库存去化

Investment Rating - The report maintains a rating of "Buy" for several key companies including Anta Sports, Li Ning, and Xtep, with corresponding 2025 PE ratios of 15, 12, and 11.5 respectively [13][35]. Core Insights - Nike's FY2025 Q2 revenue decreased by 8% year-on-year to $12.4 billion, with a significant drop in both direct sales (down 13%) and wholesale (down 3%). The company is focusing on inventory management due to increased stock levels [19][25]. - The overall textile and apparel sector is expected to see a recovery in 2025, driven by improved consumer confidence and demand, with a projected increase in retail sales for clothing and footwear [34]. - The report highlights a positive outlook for leading supply chain companies in the textile manufacturing sector, anticipating a rise in market share and profitability due to increased demand from overseas brands replenishing inventory [29]. Summary by Sections Nike's Performance - Nike's revenue for FY2025 Q2 was $12.4 billion, reflecting an 8% decline year-on-year. The gross margin decreased by 1 percentage point to 43.6%, and net profit fell by 26% to $1.2 billion [19][25]. - The company expects a low double-digit revenue decline for FY2025 Q3, with gross margin projected to decrease by 3 to 3.5 percentage points [19][25]. Regional Performance - North America and EMEA regions saw revenue declines of 8% and 10% respectively, while the Greater China region experienced an 11% drop in revenue, attributed to a challenging consumer environment [25]. - In the Asia-Pacific and Latin America regions, revenue decreased by 2%, but there was notable growth in specific product categories [25]. Market Outlook - The textile and apparel industry is projected to recover in 2025, with a cumulative retail sales growth of 1.1% from January to October 2024, which is below the overall retail growth of 3.5% [34]. - Key companies in the textile manufacturing sector are expected to benefit from increased capacity utilization and profitability, with revenue growth rates of 13.2%, 10.3%, and 10.4% for the first three quarters of 2024 [29]. Recommended Stocks - The report recommends several companies based on their performance and valuation, including Anta Sports, which is expected to have a PE of 15 in 2025, and Shenzhou International, with a PE of 13 [35][30].