Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Insights - In FY2025Q3, the company achieved revenue of $2.57 billion, a year-on-year increase of 7%, exceeding market expectations (Bloomberg consensus forecast of $2.48 billion) [2][6] - Gross margin decreased by 2.9 percentage points to 55.6%, primarily impacted by rising tariffs, increased discounts, and foreign exchange losses [2][6] - Operating profit margin fell by 3.5 percentage points to 17.0%, while net profit decreased by 13% to $310 million, with a net profit margin of 12.0%, down 2.7 percentage points year-on-year [2][6] Revenue Breakdown - By region, FY2025Q3 revenue for the U.S./North America/Greater China was $1.38 billion/-2% /$1.73 billion/-3% /$510 million/+42%, with Greater China benefiting from e-commerce growth and offline store expansion, while North America faced pressure due to weak store traffic, declining average transaction value, and lower conversion rates [7] - By channel, FY2025Q3 revenue from direct sales/e-commerce was $1.21 billion/+$0.107 billion/+13%, with direct sales growth slowing sequentially, while e-commerce maintained strong growth [7] - By category, FY2025Q3 revenue for women's/men's/other products was $1.64 billion/+6% /$600 million/+8% /$320 million/+12%, showing steady performance across categories [7] Inventory and Guidance - As of FY2025Q3, the company's inventory increased by 11% year-on-year to $2 billion, with expectations for unit inventory growth in FY2026Q4 and dollar inventory growth in double digits year-on-year [12] - The company slightly raised its full-year guidance, expecting FY2025 revenue of $10.962 to $11.047 billion, a year-on-year increase of 4% (previous guidance was $10.85 to $11 billion, a 2% to 4% increase) [12]

行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 32 之 Nike FY2026Q2 经营跟踪： 收入指引偏弱，库存去化符合预期 报告要点 [Table_Summary] FY2026Q2（2025/9/1-2025/11/31）Nike 实现营收 124.3 亿美元，收入表现略超预期（彭博一 致预期 122.4 亿美元），固定汇率下同比持平（原指引低单下滑），美元计价下同比+1%。毛利 率同比-3pct 至 40.6%，主要受北美关税提升及大中华区老旧库存问题影响。SG&A 费用率同 比+0.1pct 及有效税率同比+2.8pct，拖累净利润同比-32%至 7.9 亿元，净利率同比-3pct 至 6.4%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 于旭辉 柯睿 陈信志 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]32 ...

Investment Rating - The industry investment rating is "Positive" and is maintained [7] Core Insights - For FY2025Q2 (May 5, 2025 - August 3, 2025), the company achieved revenue of $2.53 billion, a year-on-year increase of 7%, which was slightly below market expectations (Bloomberg consensus expected $2.54 billion). The gross margin decreased by 1.1 percentage points to 58.5%, primarily due to increased discounts and tariffs leading to a 0.7 percentage point decline in product profit margins. The SG&A expense ratio increased by 0.9 percentage points, dragging down the net profit margin by 1.9 percentage points to 14.7% [2][5] Revenue Breakdown - Revenue by region showed that Greater China continued to experience high growth, while North America saw a slowdown. In FY2025Q2, revenue in the U.S./Canada/North America/Greater China grew by -0.5%/+1%/+1%/+24% year-on-year, with Greater China benefiting from continuous store openings and increased brand awareness. The U.S. market faced pressure mainly due to weak demand in the high-end apparel sector. By channel, offline/e-commerce revenue grew by +3%/+9% year-on-year, with offline revenue growth slowing and e-commerce maintaining good growth [10] Inventory Situation - Inventory continued to grow, with an expected slowdown in inventory growth in FY2026Q1. By the end of FY2025Q2, the company's inventory increased by 21% year-on-year to $1.72 billion. The increase in inventory was mainly due to excess seasonal stock, and the company aims to clear this stock before the end of the year. It is anticipated that inventory growth will be low double digits in FY2025Q3, with overall inventory growth maintained, and a slowdown in inventory growth expected in FY2026Q1 [10] Tariff Impact - Tariffs have negatively impacted gross margins and operating profit margins. The company plans to mitigate the impact of tariffs through cost control, pricing adjustments, and negotiations with suppliers [10] Performance Guidance - The company has lowered its full-year guidance, now expecting FY2025 revenue to be between $10.85 billion and $11.0 billion, a year-on-year increase of 2% to 4% (previous guidance was $11.15 billion to $11.3 billion, with Bloomberg consensus expecting $11.13 billion, a year-on-year increase of 5%). Revenue in North America is expected to decline by 1% to remain flat, while revenue in China is projected to grow by 20% to 25%. The full-year gross margin is expected to decrease by 3 percentage points, with EPS revised down to between $12.77 and $12.97. For FY2025Q3, revenue is expected to be between $2.47 billion and $2.5 billion, a year-on-year increase of 3% to 4%, with gross margin expected to decrease by 4.1 percentage points [10]