Financial Data and Key Metrics Changes - Revenues increased by 1% on a reported basis but decreased by 1% on a currency-neutral basis [20] - Gross margins declined by 320 basis points to 42.2% due to higher wholesale discounts, increased product costs, and channel mix headwinds [21] - Earnings per share was reported at $0.49 [22] - Inventory decreased by 2% compared to the prior year [23] Business Line Data and Key Metrics Changes - Nike Direct declined by 5%, with Nike Digital down 12% and Nike stores down 1% [21] - Wholesale grew by 5% [21] - Running business grew over 20% this quarter, indicating strong consumer response [10] - Sportswear business continues to decline, with a 30% drop in classic footwear franchises [24][15] Market Data and Key Metrics Changes - North America revenue grew by 4%, with wholesale up 11% [23] - Greater China revenue declined by 10%, with Nike Digital down 27% [26][27] - EMEA revenue grew by 1%, with Nike Digital down 13% [25] - APLA revenue grew by 1%, with Nike Digital down 8% [27] Company Strategy and Development Direction - The company is focusing on a "sport offense" strategy to align its brands (Nike, Jordan, Converse) into more nimble teams by sport [6] - The strategy aims to enhance consumer insights and drive innovation in storytelling [6] - The company is committed to improving its position in Greater China despite facing structural challenges [17] - Plans to refresh retail environments and improve seasonal sell-through trends are underway [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a cautious consumer environment and tariff uncertainties impacting business recovery [19] - The company is optimistic about the potential for growth in China, emphasizing the importance of sport and innovative products [17] - Future revenue guidance for Q2 indicates a low single-digit decline, with expectations for gross margins to decrease by 300 to 375 basis points [32] Other Important Information - The company is experiencing a significant cost headwind from new tariffs, estimated at approximately $1.5 billion annually [30] - The strategic decision to reduce reliance on classic franchises and pull back on promotions is aimed at long-term brand health [18] Q&A Session Summary Question: Insights on the spring order book and medium-term margin levels - Management highlighted that the spring order book is positive, reflecting growth in North America and a commitment to returning to double-digit margins over time [41][46] Question: Update on September trading and consumer demand - Management noted that the environment is dynamic, with good sell-throughs for new product launches, but emphasized the need to focus on inspiring through sport [51][52] Question: Traffic headwinds in Nike Digital and milestones for profitable growth - Management acknowledged that organic traffic is down due to strategic reductions in promotions, but emphasized the importance of elevating the entire marketplace [63][64] Question: Strategies for turning around the Greater China digital business - Management expressed confidence in the long-term opportunity in China, focusing on innovative products and better storytelling to drive growth [66][67]

当跑步变成一种生活方式，运动鞋的技术创新也应该具有审美感知。 作者 | 贺哲馨 编辑 | 乔芊 当奥利弗·伯恩哈德（Olivier Bernhard）把脑海里理想运动鞋雏形想法告诉耐克（NIKE）和阿迪达斯 （Adidas）的时候，两者都拒绝了这个提议。 "他们的回复听起来像是，'如果不是在我们的厨房里烤出来的，就不可能有多好'。"这位退役职业运动员向彭 博社回忆，这是促使他自行开发品牌的最大动力。 后来流传的故事版本是，2010年某天，伯恩哈德和一位苏黎世工程设计师朋友把一双耐克鞋的底部刨掉，然后 将花园浇水管子剪成一节节黏在鞋底。他穿着它在后花园走来走去，感到鞋底带来的缓冲和反弹力度"棒极 了"，这双鞋就是On昂跑Cloudtech的雏形。 2024年，On昂跑的销售达到了25亿美元，在阿迪达斯这个数字是 250 亿美元，耐克是500 亿。这个年轻的瑞士 品牌在全球运动市场的份额有2%，但30%的增长足令任何一个对手都难以忽视。分析师在提到On昂跑的时候 都会忍不住强调它独特的"通心粉"鞋底， "走进任何一家footlocker，On昂跑的货架总是最引人注目。" 在运动鞋行业，技术创新往往并不都来自巨头。 ...