纺织服装海外跟踪系列六十八：耐克各区域复苏进程分化，北美增速领先大中华区持续承压

Investment Rating - The investment rating for the industry is "Outperform the Market" [2][5]. Core Insights - The recovery process of Nike varies by region, with North America showing the strongest growth while Greater China continues to face significant pressure [3][4]. - For FY2026 Q2, Nike reported revenues of $12.427 billion, a year-on-year increase of 1%, which is better than previous guidance and Bloomberg consensus expectations [3][7]. - The management indicated that the company is in a mid-stage recovery, with varying recovery speeds across regions and channels [4][33]. - The North American market is leading growth, while the Greater China market is under pressure due to insufficient professional sports positioning and intense price competition [3][36]. Revenue Breakdown - By Region: North America revenue increased by 9% year-on-year, while Greater China saw a decline of 16% [8][16]. - By Channel: Wholesale channels are performing better than direct sales, with wholesale revenue growing by 8% [8][9]. - By Product Category: Running shoes are leading growth, while classic shoe models continue to decline [9][16]. Management Guidance - For Q3, management expects revenue to decline in the low single digits, with gross margins anticipated to decrease by 175 to 225 basis points [33][34]. - The impact of new tariffs is expected to increase product costs by approximately $1.5 billion annually, affecting gross margins significantly [33][34]. Investment Recommendations - The report suggests that Nike's recovery will take time, but highlights the resilience of quality suppliers and retailers in the industry [3][36]. - Key recommendations include focusing on diversified customer structures and strong profitability suppliers like Huayi Group and Shenzhou International, as well as core retailer Tmall, which is expected to benefit from Nike's recovery [36][37].