证券研究报告 | 2025年06月28日 纺织服装海外跟踪系列六十一 耐克管理层指引最差时间已过，2026 财年有望逐季改善 行业研究·行业快评 纺织服饰 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 事项： 公司公告：2025年6月27日，耐克披露截至2025年5月31日的2025财年及第四季度业绩：2025财年公司实现 收入463亿美元，同比-10%，不变汇率口径-9%；第四季度实现收入111亿美元，同比-12%，不变汇率-11%。 国信纺服观点：1）业绩和指引核心观点：FY2025Q4 收入超出彭博一致预期和管理层指引，最差时期已过， Win Now 战略及关税负面影响在 FY2026 有望逐季缓解；2）FY2025 业绩：收入和利润小幅超出彭博一致预 期，大中华区需求疲软形成拖累，部分地区库存去化效果显著，库存将于 FY26H1 末达到健康水平；3） ...

每经记者｜温雅兰 每经编辑｜张凌霄 品牌故事，是传递品牌价值观的重要载体，也是品牌深入人心的关键。 耐克前全球首席营销官（CMO）格雷格·霍夫曼（Greg Hoffman）在2025马德里南方峰会（South Summit）的演讲中谈到："品牌所能提供的功能价值是有限的，但情感价值却是无限的。一个品牌可以 通过讲故事来构建品牌世界和品牌体验，为产品注入情感，赋予产品地位和价值。" 在格雷格看来，品牌建设既是一门艺术也是一门科学，需要平衡理性价值和感性价值。在耐克，他们通 过讲述产品的独特故事，使其超越了功能层面，成为消费者情感的一部分。 图片来源：德雷克大学官网 讲好品牌故事 格雷格强调，创意点能够赋予品牌亲和力，激发消费者的情感共鸣，从而转化为业务增长。 创意驱动品牌增长的理念在现代市场竞争中具有重要意义。在这个信息爆炸的时代，消费者的注意力被 大量内容所分散，品牌必须依靠独特而深刻的创意来吸引消费者的注意力。 而在大模型飞速发展的时代，输入一个创意需求，AI就能生成100个点子。 谈及人工智能技术可能会对创意领域产生的影响，格雷格说："人工智能技术是我们的好队友、好工 具。但在围绕我们的产品和品牌讲述故事 ...

Core Insights - The competition in the Chinese sportswear market has intensified over nearly two decades, with domestic brands like Li Ning and Anta rising to prominence against international giants like Nike and Adidas [1][2][3] - Anta has successfully implemented a multi-brand strategy, acquiring well-known brands such as FILA and Arc'teryx, which has diversified its product line and attracted various consumer groups [1][3] - Nike's strategies, including reviving classic styles and increasing marketing efforts, have not yielded the desired results, leading to a decline in brand influence due to market saturation and consumer fatigue [2][3] Group 1: Domestic Brands - Domestic brands have shown resilience and adaptability, focusing on precise market positioning and operational strategies to capture consumer attention [3][5] - Anta's growth trajectory has been marked by strategic partnerships and innovative marketing approaches, enhancing brand recognition and reputation [1][3] - The evolving consumer preferences and intensified competition are driving significant changes in the sportswear market, necessitating continuous innovation from domestic brands [3][5] Group 2: International Brands - International brands like Nike are facing challenges due to rigid operational strategies and a lack of responsiveness to market demands compared to domestic competitors [2][3] - Nike's reliance on brand power and classic products has hindered its ability to adapt to the diverse needs of the Chinese market [2][3] - For international brands to regain their footing in China, a reevaluation of their operational strategies and market positioning is essential [3]