这一成绩的背后，是一场围绕 "回归运动"展开的战略部署。 自去年 10月Elliott Hill出任集团总裁兼CEO以来，耐克启动了以回归运动为核心的"Win Now"计划。目前，该计划已进入全面落地阶段。 随着转型在全球范围内加快执行，耐克报表口径收入再次实现同比正增长。其中，跑步业务全球增长约 20%，成为拉动复苏的重要引擎。 库存问题得到显著缓解。截至本季度，耐克集团库存资产为 81亿美元，同比下降2%，库存结构持续优化，为后续业绩反弹创造了有利条件。 在财报发布后的声明中， Elliott Hill表示："尽管取得了阶段性进展，我们仍将继续推动所有运动品类、地区和渠道走上同样的复苏轨道。"他强 调，"'Win Now'计划的聚焦方向是正确的，'以运动为引领'的新架构将成为关键，长期推动耐克集团的全品类业务释放增长潜力。" 如今，市场关心的已不再是耐克能否止血，而是它将如何通过一场由内而外的系统性焕新，重新掌控游戏规则。 "Just Do It"与时代共振，系统性焕新回应质疑 耐克重返主场的速度，比市场预想的更快。 2026财年第一季度，耐克集团营收达117亿美元，同比增长1%，高于市场预期的109.9 ...

关键市场逐步回归增长轨道 虽然还未正式回归稳健增长轨道，但耐克在2026财年第一季度同比增长1%的营收表现，扭转了其连续多个季度的 下滑态势。 按品牌分，Nike品牌营收同比增长2%至114亿美元，匡威品牌营收则下降27%至3.66亿美元。按渠道分，Nike自营 业务营收下降4%至45亿美元，经销商业务营收增长7%至68亿美元。 走过黎明前的黑暗，经历战略调整后的耐克迎来了业绩的阶段性复苏。 耐克最新披露的2026财年第一季度财报显示，耐克营收117亿美元，同比增长1%，超分析师预期。其中，自营业 务营收为45亿美元，经销商业务营收68亿美元，同比增长7%。财报公布后，耐克股价盘后最高涨超6%。 自耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）上任，耐克推动了"Win Now"等一系列战略布局，终于迎来了 阶段性成果。贺雁峰表示："本季度，耐克持续推动'Win Now'计划，特别是在北美、经销商业务和跑步等重点领 域收获了积极进展。在当前不断变化的运营环境下，即使已取得了阶段性成果，我们仍将继续努力推动所有运动 品类、地区和渠道走上同样的复苏轨道。" 具体到地区表现来看，报告期内，耐克在北美市场收 ...

2026财年第一季度，耐克的财报数据进一步释放出复苏信号：117亿美元营收同比微增1%，悄然超出市 场分析师的预期；经销商业务以68亿美元营收远超自营业务的45亿美元，成为业绩增长的关键引擎；全 球库存同比减少2%至81亿美元，大中华区库存更是同比锐减11%，库存结构优化成效显著。 这份成绩单的背后，是耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）执掌耐克集团帅印近一年的战 略落地成果。从一年前股价年内持续下跌的困境，到如今华尔街分析师中17位给予"买入"评级、17位维 持"持有"的积极反馈；从2024年中期品牌声量触底，到通过运动场景深耕重新激活消费者共鸣，贺雁峰 用全年布局，推动这家全球运动巨头完成战略重心的锚定，逐步推动业务实现全面复苏。 上任一年：以"运动引领"重构业务，四大动作夯实复苏基础 贺雁峰履职首年，始终将 "运动" 作为战略核心，推动"Win Now"计划，通过组织架构优化、推动产品 创新、市场生态修复、品牌价值重塑和本土化执行，搭建起环环相扣的"复苏"路径，而这些动作的成 效，已在2026财年第一季度财报中逐步显现。 这种对复苏复杂性的清醒认知，也贯穿在耐克未来的战略规划中。在 ...

Nike耐克集团近日发布截至2025年8月31日的2026财年第一季度财务数据：得益于批发业务增长7%，总营收同比增长1%至117亿美元，超过市场 普遍预期的110亿美元；毛利率下降320个基点至42.2%，高于市场预期的41.7%，净利润同比下降31%至7亿美元，但亦是Visible Alpha分析师平均 预估值的两倍。财报充分说明耐克转型在最新季度取得了阶段性成果，回暖迹象明显。耐克新掌门人、总裁兼首席执行官Elliott Hill贺雁峰接手 一年，耐克终于逆风翻盘了？ 从品牌来看，耐克品牌营收同比增长2%至114亿美元，匡威品牌营收则下降27%至3.66亿美元。从渠道来看，自营业务营收下降4%至45亿美元，经销商业务 营收增长7%至68亿美元。从地区来看，除大中华区外所有地区均有所增长。北美市场收入增长4%至50.2亿美元，相较上个财年11%的跌幅有明显改善。 EMEA市场收入保持涨幅，增长6%至33.3亿美元。大中华区营收下降10%至15亿美元。除中国外的亚太及拉美地区收入微增2%至14.9亿美元。 Elliott Hill自2024年10月14日接替John Donahoe唐若修担任集团总裁兼首席执 ...

10月1日，耐克集团公布2026财年第一季度财报，本季度耐克营收117亿美元，同比增长1%，超分析师 预期。其中，自营业务营收为45亿美元，经销商业务营收68亿美元，同比增长7%。耐克集团库存资产 为81亿美元，与去年同期相比减少2%，库存管理持续优化，为持续反弹创造良好基础。耐克大中华区 营收15.12亿美元，库存同比下降11%。财报公布后，耐克股价盘后涨超4%。 耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）表示："本季度，耐克持续推动'Win Now'计划，特别 是在北美、经销商业务和跑步等重点领域收获了积极进展。在当前不断变化的运营环境下，即使已取得 了阶段性成果，我们仍将继续努力推动所有运动品类、地区和渠道走上同样的复苏轨道。我们相 信'Win Now'计划的聚焦方向是正确的，'以运动为引领'的新架构将成为关键，长期推动耐克集团的全 品类业务释放增长潜力。" （耐克集团财报） ...

通过主动且快速的调整，聚焦运动后，耐克迎来了业绩拐点。 北京时间2025年10月1日凌晨，耐克交出了2026财年第一季度的成绩单。这份成绩单全面超出市场预 期。 财报显示，耐克本季度营收达到117亿美元，高于市场预期的110.2亿美元，在报告基础上较去年同期增 长1%，毛利率为42.2%，高出市场预期的41.7%。每股收益为0.49美元，高出市场预期的0.27美元。北 美、欧洲、中东和非洲市场营收同比全面增长，大中华区库存同比下降了11%，调整库存已经有所成 效，全力迈向复苏新阶段。 这就意味着，耐克在过去几个季度里主动进行的"刮骨疗毒"式的库存优化工作，已经取得了阶段性胜 利。也是因此，耐克交出的成绩单被视作"品牌行至拐点"。 "我们相信'Win Now'计划的聚焦方向是正确的，消费者反馈积极，我们也开始收获一些成果。"耐克集 团总裁兼首席执行官贺雁峰（Elliott Hill）在财报电话会议后将财报取得的重要成绩归功于Win Now计 划。他同时表示，"以运动为引领"的新架构将成为关键，长期推动耐克集团的全品类业务释放增长潜 力。 谈及未来预期，他表示，2026年春季订单量，尤其是运动品类订单较去年增长明 ...

在经历了坚决主动的战略调整之后，耐克的复苏信号正在逐渐清晰。10月1日，耐克集团公布2026财年第一季度财报：本季度耐克营收117亿美元，同比增长 1%，超分析师预期。其中，自营业务营收为45亿美元，经销商业务营收68亿美元。耐克大中华区营收15.12亿美元。耐克集团库存资产为81亿美元，与去年 同期相比减少2%，去化成效明显，渠道健康度加快改善。财报公布后，耐克股价在盘后上涨超过 4%，投资者信心明显回暖。 耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）表示："本季度，耐克持续推动"Win Now"计划，特别是在北美、经销商业务和跑步等重点领域收获了积极 进展。在当前不断变化的运营环境下，即使已取得了阶段性成果，我们仍将继续努力推动所有运动品类、地区和渠道走上同样的复苏轨道。我们相信'Win Now'计划的聚焦方向是正确的，'以运动为引领'的新架构将成为关键，长期推动耐克集团的全品类业务释放增长潜力。" 对于处在转型关键阶段的耐克而言，这份财报不只是数据，更是战略转型进入兑现期的信号：库存优化释放效率，核心运动品类逐步重回增长轨道，年轻化 叙事焕发新活力，复苏路径正逐步成型。 回归运动本源，重塑 ...

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]

Core Insights - Nike's fiscal year 2025 results showed a total revenue of $46.3 billion, with Q4 revenue reaching $11.1 billion, exceeding expectations [3] - The company's stock surged by 15.25% on the day of the earnings report, marking its largest single-day increase in nearly four years, and its market capitalization surpassed $106.4 billion [3] - New CEO John Donahoe emphasized the ongoing transformation under the "Win Now" plan, which aims to enhance brand competitiveness and operational efficiency [3][10] Financial Performance - Nike's Greater China revenue for the fiscal year was $6.585 billion, with Q4 revenue at $1.476 billion [3] - The company reported a significant reduction in inventory levels, with a year-over-year decrease of over 20% in classic shoe lines and a 30% reduction in Q4 [15] - Inventory levels in Greater China decreased by 11% year-over-year [15] Strategic Initiatives - The "Sport Offense" strategy focuses on core sports areas, brand differentiation, and enhancing product offerings to drive future growth [3][10] - Nike's "Win Now" plan includes rapid actions to reshape brand competitiveness and reactivate market growth amid increasing competition [10] - The company has launched a series of innovative running shoes, including the Vomero, Structure, and Pegasus lines, which have seen strong sales [11] Market Engagement - Nike is actively engaging with female athletes through initiatives like the "Breaking Four" project, aiming to capture the growing women's sports market [16][17] - The company has launched the "2025 AFTER DARK TOUR" in Shanghai, targeting female runners and promoting running culture [17] - Nike's basketball segment continues to thrive, with new signature shoes and community-focused events enhancing its local presence [13][15] Brand Positioning - Nike's historical milestones in sports, such as the first women's marathon gold medal and the "Breaking Two" marathon, reinforce its brand identity as a pioneer in athletic achievement [7] - The company is leveraging emotional consumption trends among younger consumers, collaborating with brands like LEGO to enhance engagement [19][22] - Nike's commitment to innovation and local market investment aims to build a sustainable competitive advantage in the sportswear industry [24]

Core Insights - Nike reported Q4 revenue of $11.1 billion and total annual revenue of $46.3 billion, exceeding analyst expectations, leading to a post-earnings stock price increase of over 10% [1] - CEO Elliott Hill emphasized the ongoing "Win Now" strategy aimed at brand transformation and sustainable growth, with a focus on sports-driven adjustments in the upcoming fiscal year [1][12] - The Greater China region generated $6.585 billion in annual revenue, with Q4 revenue reaching $1.476 billion, reflecting significant investment in localized product development and brand narrative [1][2] Financial Performance - Q4 revenue was $11.1 billion, surpassing analyst forecasts [1] - Annual revenue totaled $46.3 billion [1] - Greater China revenue for the year was $6.585 billion, with Q4 contributing $1.476 billion [1] Strategic Initiatives - The "Win Now" strategy is a proactive brand transformation effort, focusing on sustainable development and market differentiation [1] - The company is enhancing its local partnerships and strategies in China, leveraging over 40 years of experience in the market [2] - Nike is actively expanding into new markets and enhancing its product offerings, particularly in the running and basketball sectors [6][7] Product Innovations - The running segment has become a key growth driver, with new product lines like Vomero, Structure, and Pegasus tailored to meet diverse runner needs [6] - Nike's Vaporfly 4 and Streakfly 2 are high-performance products reinforcing its leadership in competitive running [8] - The company is focusing on women's sports gear innovation, highlighted by the success of the "VictoryLap" event and the After Dark Tour [10] Market Engagement - Nike is deepening its engagement in the outdoor segment by sponsoring top-tier events and establishing training camps to strengthen its community presence [10] - The brand is also focusing on building emotional connections with consumers through localized basketball initiatives and community events [7][10] - The recent record-breaking achievement by athlete Faith Kipyegon showcases Nike's commitment to innovation and its role in inspiring athletes globally [3][5]