【12月22日花旗报告点评耐克业绩及前景】花旗发表报告指出，耐克第二季每股盈利胜市场预期，得益 于北美销售更强劲及销售与行政费用降低。不过，其隐含的第三季每股盈利指引为0.15至0.25美元，远 低于市场预期的0.46美元，主因中国市场和匡威品牌显著疲弱及关税压力。 管理层预计，第二季中国市 场疲软情况将在2026财年剩余时间持续，因重塑市场定位需时间。花旗对2027财年复苏持谨慎态度，预 测每股盈利2.16美元，低于市场预期的2.62美元，还突显耐克转型复苏复杂。 基于上述情况，花旗将耐 克目标价由70美元降至65美元，评级维持"中性"。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 FOG hexun.com 和讯财经 和而不同 迅达天下 扫码查看原文 ...

Core Insights - Nike's stock price dropped by 10.54% on December 19, 2025, marking a 22.41% decline year-to-date and a 23.85% drop over the past 52 weeks [1][8] Financial Performance - For the second quarter of fiscal year 2026, Nike reported a net profit decline of 32%, falling from $1.16 billion to $792 million, with diluted earnings per share decreasing from $0.78 to $0.53, surpassing market expectations of $0.38 [3][10] - Net sales reached $12.43 billion, a slight increase of 1% compared to the previous year, exceeding market expectations of $12.22 billion [3][10] - The Nike brand's revenue for the second quarter was $12.1 billion, growing 1% year-over-year, primarily driven by North American market performance, although offset by declines in Greater China and APLA regions [3][10] Regional Performance - Revenue in Greater China decreased by 17% to $1.7 billion, with EBIT dropping by 49%, indicating significant market challenges [3][10] - Direct-to-consumer sales fell by 8% to $4.6 billion, with digital sales down 14% and in-store sales down 3% [3][10] Wholesale and Other Segments - Nike's wholesale channel revenue grew by 8% to $7.5 billion, while Converse brand revenue plummeted by 30% to $300 million due to declines across all regions [4][11] - Footwear revenue remained flat at $7.7 billion, while apparel sales increased by 4% to $3.9 billion [4][11] Strategic Challenges - The decline in profits was attributed to increased tariffs in the U.S. and ongoing weakness in the Chinese market [4][11] - Analysts suggest that Nike must replicate its success in running shoes across other sports categories and improve its cultural connection in the Chinese market [5][11] - The company is refocusing on rebuilding relationships with wholesale partners after facing challenges with its direct-to-consumer strategy [5][12]