Core Insights - Nike reported Q2 FY2026 revenue of $12.4 billion, with inventory assets at $7.7 billion, a 3% decrease year-over-year, indicating a return to healthier levels [1] - The Greater China region generated $1.423 billion in revenue, with inventory decreasing in double digits year-over-year [1] - The financial results reflect ongoing inventory optimization, growth in wholesale business, and further recovery in the North American market [1][2] Wholesale Business Growth - The growth in wholesale business is attributed to the restructuring of dealer and partner channels, with wholesale revenue reaching $7.5 billion, an 8% year-over-year increase [1] - Innovative product offerings and optimized retail displays have been well-received by dealers, contributing to a more than 20% year-over-year growth in Nike's running business [1] North American Market Performance - The North American market continues to show strong performance, with wholesale business growth exceeding 20% and improved inventory conditions [2] - Analysts predict a sustained increase in order volume for Q1 FY2026, with further growth expected in Q2 FY2026 due to the upcoming World Cup [2] Focus on Greater China Market - Greater China remains a strategic priority, with management adjustments made to enhance decision-making efficiency, allowing for quicker feedback from the market to global strategies [3] - The CFO emphasized the importance of strengthening brand differentiation through sports and innovation, integrating online and offline channels [3] Retail and Inventory Optimization - Nike is simultaneously advancing inventory structure optimization and retail system upgrades, with inventory in Greater China decreasing in double digits and the number of inventory items down by 20% [4][6] - A systematic upgrade of key stores in major cities has led to improved customer traffic, conversion rates, and same-store sales growth [4] Brand Differentiation and Product Innovation - Nike is focusing on core sports narratives to enhance brand differentiation, moving away from short-term marketing strategies [7] - New product launches in running, basketball, and soccer are aimed at reinforcing Nike's competitive edge in professional sports [7] Localized Brand Narrative - Nike is enhancing localized brand storytelling to deepen connections with consumers, particularly in China, where narratives centered around local athletes have resonated well [8][10] - The brand's engagement during events like the National Games and Shanghai Marathon has integrated professional support with community participation [10] Strategic Long-term Vision - Nike is not rushing for immediate results but is maintaining a steady pace of investment and adjustment to build momentum [12] - The effectiveness of the "Win Now" strategy is expected to be validated over time as the company rebuilds its growth foundation [12]

市场对运动巨头的审视，已从简单的数据判断，进入对其复苏路径的深度验证。 北京时间12月19日，耐克发布2026财年第二季度业绩。在全球消费环境波动与行业进入全新调整周期的背景下，这份财报为耐 克"Win Now"计划落地提供了一张清晰的进度校验表。 比起整体营收的短期波动，市场和行业更加关注，在耐克的转型调整中，那些预示未来势能的指标是否已经显现？ 财报细节及全球各市场的近期动态给出了答案。本季度耐克营收124亿美元。其中，自营业务营收为46亿美元，经销商业务营收75 亿美元，同比增8%。耐克集团库存资产为77亿美元，与去年同期相比减少3%，加速回归健康水位。耐克大中华区营收14.23亿美 元，库存同比减少中双位数。 库存优化与零售升级，战略方向获关键验证 作为耐克全球最大市场及转型的"样本"，耐克在北美市场的表现具有风向标意义。本季度，北美市场延续了增长态势，同比增长 9%，环比营收增长12%。更为重要的是，其增长动力正从单纯的需求回暖，转向由"库存健康化"与"零售生态升级"双轮驱动的整 体改善，验证了"Win Now"计划核心战略方向的正确性。 库存结构的持续优化是一切复苏的前提。财报显示，集团库存资产实 ...