周二清晨，秋意清冽，位于俄勒冈州比弗顿的菲利普·H·奈特园区，耐克员工们在天光微露前陆续抵达，有人在绕园区慢 跑，有人在健身房里举重训练。在耐克体育中心健身房的4号训练室中，大约二十人正在为早上7点的高强度间歇训练（HIIT） 课程做热身。 其中一位，是耐克集团首席执行官兼总裁贺雁峰（Elliott Hill），他是这里的常客，经常兴致勃勃地给大家推荐园区的各 类设施。此刻，他站在训练室第一排正中，脚边一对哑铃。训练室音乐动感十足，贺雁峰踩着鼓点，一边锻炼，一边和身边的 同事聊天，询问他们波特兰马拉松的完赛成绩，还试图用话题分散他们在平板支撑最后10秒的注意力。尽管晨曦初露，他已热 情洋溢、精神饱满，既像啦啦队长般充满激情，又像教练般鼓舞人心。 下课后，一位员工抓住机会再次向他自我介绍。她说，12年前，两人有过一面之缘，当时她在肯塔基州路易斯维尔的零售 部门工作。他曾给过她一些职业建议：若想在耐克更进一步，就要提前思考两个职位，搞清楚那些岗位需要哪些技能，并下定 决心去掌握它们。如今，12年过去，她已成为Nike Pro训练服装的产品经理。 贺雁峰与她握手，并表示自己依然认同当初的建议——在他看来，成功的关键 ...

Core Insights - Nike reported Q4 revenue of $11.1 billion and annual revenue of $46.3 billion for FY2025, exceeding analyst expectations, leading to a post-earnings stock price increase of over 10% [1] - The company is advancing its "Win Now" transformation plan, with CEO Elliott Hill indicating that while financial performance met expectations, it has not yet reached their goals [1][3] - The CFO Matthew Friend noted that Q4 marked the most significant financial impact of the "Win Now" plan, with expectations for gradual easing of challenges moving forward [3] Financial Performance - Q4 revenue was $11.1 billion, while annual revenue reached $46.3 billion, surpassing analyst forecasts [1] - The Greater China region generated $6.585 billion in annual revenue, contributing $1.476 billion in Q4 [3] Strategic Initiatives - The "Win Now" plan is a long-term restructuring strategy rather than a short-term tactical adjustment, showing initial success in product mix adjustments and inventory optimization [4] - Nike is focusing on innovation in core sports categories, particularly in running and basketball, to enhance product offerings and regain market momentum [4][6] Product Development - In the running category, Nike has restructured its product matrix, launching key lines such as Vomero, Structure, and Pegasus, with the Vomero 18 achieving over $100 million in sales within 90 days [4] - For basketball, Nike introduced high-performance shoes tailored to local consumer habits, including the S.T. Flare series designed for outdoor courts in China [6] Local Engagement - Nike is enhancing emotional connections with consumers through localized sports events and community engagement, such as the successful high school basketball league finals in Beijing [7] - The company is also focusing on women's running events, exemplified by the "2025 AFTER DARK TOUR" in Shanghai, which attracted over 3,500 female participants [9]