上映10天后，《F1：狂飙飞车》的猫眼预测票房几乎翻了四倍。这部电影创造了暑期档第一个惊喜的同时，也捧红了戴姆森·伊德瑞斯（Damson Idris）这名演员。当然，高端生活方式品牌Tommy Hilfiger也顺势捞了一把热度。 作为电影赞助商之一，Tommy Hilfiger实际早在几个月前就开始造势。今年5月份，伊德瑞斯登上Met Gala红毯时，不仅极其夸张地驾驶一辆赛场 亮相，还头戴一顶镶满水晶的赛车头盔，身穿Tommy Hilfiger赛车服，并在完成拍摄后，被工作人员一把撕开服装，露出穿在里面的Tommy Hilfiger红色三件套西装。 Tommy Hilfiger赞助《F1：狂飙飞车》并非无的放矢。伊德瑞斯的两套红毯造型，显然是在强调品牌和电影，乃至品牌与赛车这项运动的深度关 联。与此同时，Tommy Hilfiger推出了与电影中虚拟的车队同名的全新限量服装系列APX GP系列。该系列包括T恤、配饰、赛车条纹夹克等，将 赛车灵感风格与品牌标志性的学院风融合。Tommy Hilfiger还早早签下伊德瑞斯作为APXGP系列的代言人，电影中，他便直接穿着这一系列的服 饰出镜。 这固然有些可惜。 ...

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） ...

Core Insights - The article highlights the emotional connection between Nike's CEO Elliott Hill and Rory McIlroy's recent golf victory, which symbolizes hope and resilience for the company amidst its struggles [1][3] - Nike has faced significant challenges, including a 12% decline in sales and an 86% drop in profits for the fourth quarter, leading to a nearly 40% decrease in stock price over the past year [2][5] Financial Performance - For the fiscal year 2025, Nike reported global revenue of $46.3 billion, down from $51.4 billion in 2024, with Greater China revenue decreasing from $7.5 billion to $6.585 billion [10] - The diluted earnings per share for fiscal year 2025 was $2.16, a 42% decline [10] - In the fourth quarter, North America revenue fell by 11%, EMEA by 10%, Greater China by 20%, and APLA by 3%, with EBIT declining across all regions, particularly in Greater China by 45% [10][14] Strategic Changes - Elliott Hill has initiated significant changes since taking over as CEO, including a shift back to focusing on athletic performance and rebuilding relationships with wholesale partners [10][11] - The company is implementing price increases in the U.S. to counteract tariff pressures and is reducing reliance on Chinese exports for footwear [7][16] - Nike aims to restore double-digit operating profit margins and expects a decrease in sales decline for the first quarter of fiscal year 2026 compared to the 12% drop in the fourth quarter of fiscal year 2025 [7][10] Market Challenges - The Greater China market remains a significant challenge, with a 20% revenue decline attributed to deeper inventory adjustments and high discounting [14] - Nike is focusing on enhancing its brand image through sports and is planning to introduce new product concepts tailored to the Chinese market [14][16] Product Focus - Nike's running category has shown signs of recovery, with a high single-digit growth in running products, driven by investments in models like Pegasus and Vomero [19][20] - The company is also launching new innovative products, including Vomero Plus and Vomero Premium, to strengthen its position in the competitive running market [20]

Financial Data and Key Metrics Changes - For Q4, revenues decreased by 12% on a reported basis and 11% on a currency-neutral basis [28] - Gross margins declined by 440 basis points to 40.3% due to higher wholesale discounts and supply chain cost deleverage [28] - Earnings per share was $0.14, with full-year revenue down 10% on a reported basis [29] Business Line Data and Key Metrics Changes - Nike Direct revenues were down 14%, with Nike Digital declining 26% and Nike Stores increasing by 2% [28] - In North America, Q4 revenue declined 11%, with Nike Direct down 14% and wholesale down 8% [31] - In EMEA, Q4 revenue declined 10%, with Nike Direct down 19% and wholesale down 4% [33] - Greater China saw a 20% revenue decline, with Nike Direct down 15% and wholesale down 24% [35] Market Data and Key Metrics Changes - North America made progress in cleaning up the marketplace, with a focus on repositioning Nike Digital as a full-price model [31] - EMEA demonstrated growth in key performance dimensions, with women's sportswear footwear returning to growth [34] - APLA experienced a 3% revenue decline, with mixed results across countries [38] Company Strategy and Development Direction - The company is implementing "WinNow" actions to reposition its brands and business for future growth, focusing on sport and innovation [26][27] - A new partnership with Amazon will feature a select assortment of footwear and apparel, aimed at expanding distribution [17] - The company is reorganizing into sport-focused teams to drive deeper relationships with athletes and enhance product innovation [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q4 results were not up to Nike's standards but expressed optimism about future improvements [7] - The company expects headwinds to revenue and gross margin to begin to moderate, with a clear path to recovery ahead [22][44] - Management emphasized the importance of inspiring and innovating for consumers, with a focus on returning to sustainable growth [25] Other Important Information - The company is facing new tariffs that are expected to increase costs by approximately $1 billion, with plans to mitigate this impact over time [42][43] - Inventory remains elevated but is being managed down, with a goal to exit the first half of fiscal 2026 in a healthy position [30][47] Q&A Session Summary Question: Can you elaborate on the accelerated actions under your sport offense realignment? - The company is organizing into sport-obsessed teams to drive a relentless flow of innovative products across all brands, focusing on performance and sportswear [61][62] Question: What is the expected impact of tariffs in Q1? - The first quarter will see a larger impact from tariffs, but the company is confident in its ability to mitigate these over time as actions are implemented [74][77] Question: Are you expecting gross margin pressures to abate sequentially? - Margins are expected to remain under pressure in the first half of fiscal 2026, but moderation is anticipated in the second half [79][80] Question: Can you discuss the timeline for recovery in the China marketplace? - The company believes in the long-term opportunity in China and is focused on inspiring consumers, although recovery will take time due to unique market characteristics [102]

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]