NIKEFY26Q2北美保持领增、毛利率仍承压，9月美国服装零售库销比进一步降低

Investment Rating - The report suggests a focus on three main lines of domestic demand: quality leaders with low valuations, affordable luxury brands, and low valuation high dividend companies [2][38]. Core Insights - NIKE's FY26Q2 performance exceeded expectations with revenue of USD 12.43 billion, a 0.6% year-on-year increase, surpassing Bloomberg's consensus of USD 12.24 billion. However, net profit attributable to shareholders fell by 31.9% to USD 790 million, exceeding expectations of USD 550 million [39]. - The North American market showed a neutral growth of 9%, leading global markets, while the Greater China region experienced a 16% decline in revenue, expected to continue adjusting throughout the fiscal year [39][40]. - The report highlights a positive outlook for the Spring/Summer 26 global orders, with a 40% increase in World Cup-related orders compared to 2022 [39]. Summary by Sections Market Performance - The A-share market saw a 2.18% increase in the textile and apparel sector, outperforming the Shanghai Composite Index by 2.46 percentage points [6]. - The textile manufacturing sector rose by 1.56%, while the apparel and home textile sector increased by 2.66% [6]. Industry Data Tracking - In November 2025, China's apparel retail sales grew by 3.5% year-on-year, while the textile and apparel export decreased by 5.2% [16][20]. - The report notes that the inventory-to-sales ratio in the U.S. apparel sector declined, indicating a potential improvement in demand [41]. Key Announcements and News - NIKE's stable support for distributors is noted, with mixed impacts on OEMs. The company anticipates a low single-digit decline in revenue for FY26Q3, with a projected gross profit margin decline of 1.75-2.25 percentage points year-on-year [40]. - The report mentions significant growth in the Asia-Pacific market for Birkenstock, with a 31% increase in revenue, highlighting the potential for structural growth opportunities in the affordable luxury segment [32].