NIKE(US:NKE) Changjiang Securities·2025-12-25 08:42Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - For FY2026Q2 (September 1, 2025 - November 31, 2025), the company reported revenue of $12.43 billion, slightly exceeding expectations (Bloomberg consensus of $12.24 billion), with a year-over-year growth of 1% in dollar terms [2][6] - Gross margin decreased by 3 percentage points to 40.6%, primarily impacted by increased tariffs in North America and old inventory issues in Greater China [2][6] - Net profit fell by 32% year-over-year to $792 million, with a net profit margin decline of 3 percentage points to 6.4% [2][6] Revenue Breakdown - North America showed strong performance with a revenue increase of 9% year-over-year, while Greater China faced a significant decline of 16% [7] - Revenue by region: North America $5.63 billion, EMEA $3.39 billion, APLA $1.67 billion, Greater China $1.42 billion [7] - Direct-to-Consumer (DTC) revenue decreased by 9% to $4.6 billion, while wholesale revenue increased by 8% to $7.5 billion [7] Inventory Situation - As of FY2026Q2, total inventory was $7.73 billion, a decrease of 3% year-over-year [11] - Inventory levels in North America and EMEA are recovering, while Greater China shows significant inventory reduction [11] Performance Guidance - The company expects FY2026Q3 revenue to decline year-over-year, with moderate growth anticipated in North America [11]