逆风蓄力，耐克等待反转

Core Viewpoint - Nike's transformation efforts are showing results, with the company aiming to continue its legacy despite challenges in the market [2][29] Financial Performance - Nike reported a total revenue of $46.3 billion for the fiscal year 2025, with Q4 revenue reaching $11.1 billion, exceeding expectations [2] - The Greater China region contributed $6.585 billion in annual revenue and $1.476 billion in Q4 revenue [2] - Following the earnings report, Nike's stock surged by 15.25%, marking the largest single-day increase in nearly four years, with a market capitalization surpassing $106.4 billion [2] Strategic Initiatives - The new CEO, John Donahoe, emphasized the "Win Now" plan, which focuses on rapid actions to reshape brand competitiveness and market growth [10][29] - The "Sport Offense" strategy aims to enhance brand differentiation in core sports areas and improve product offerings [2][29] Product Innovation - Nike has upgraded its running shoe lineup, focusing on cushioning performance, with the Vomero 18 generating over $100 million in sales within 90 days [12] - The company continues to leverage its sports science and design capabilities to create innovative products that push human limits [7][12] Market Focus - Nike is targeting emerging markets, particularly in women's, children's, and outdoor segments, as key growth areas [20][21] - The "Breaking Four" initiative is a strategic move to capture the women's sports market, which has historically lagged behind men's [21][29] Community Engagement - Nike launched the "2025 AFTER DARK TOUR" in Shanghai, engaging 3,500 female runners to promote women's running [22] - The company is also focusing on local community engagement in basketball through various events and initiatives [15][24] Inventory Management - Nike has made significant progress in optimizing its inventory, reducing classic shoe lines by over 20% year-on-year, with a 30% reduction in Q4 [17] - The company plans to continue clearing excess inventory through discount channels in the upcoming quarters [18] Brand Positioning - Nike is reinforcing its brand identity by driving innovation and emotional connections with consumers, particularly among younger demographics [25][29] - Collaborations with brands like LEGO aim to resonate with the younger generation and enhance brand appeal [25]