2026财年第一季度，耐克的财报数据进一步释放出复苏信号：117亿美元营收同比微增1%，悄然超出市 场分析师的预期；经销商业务以68亿美元营收远超自营业务的45亿美元，成为业绩增长的关键引擎；全 球库存同比减少2%至81亿美元，大中华区库存更是同比锐减11%，库存结构优化成效显著。 这份成绩单的背后，是耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）执掌耐克集团帅印近一年的战 略落地成果。从一年前股价年内持续下跌的困境，到如今华尔街分析师中17位给予"买入"评级、17位维 持"持有"的积极反馈；从2024年中期品牌声量触底，到通过运动场景深耕重新激活消费者共鸣，贺雁峰 用全年布局，推动这家全球运动巨头完成战略重心的锚定，逐步推动业务实现全面复苏。 上任一年：以"运动引领"重构业务，四大动作夯实复苏基础 贺雁峰履职首年，始终将 "运动" 作为战略核心，推动"Win Now"计划，通过组织架构优化、推动产品 创新、市场生态修复、品牌价值重塑和本土化执行，搭建起环环相扣的"复苏"路径，而这些动作的成 效，已在2026财年第一季度财报中逐步显现。 这种对复苏复杂性的清醒认知，也贯穿在耐克未来的战略规划中。在 ...

Core Insights - Nike reported Q4 revenue of $11.1 billion and total annual revenue of $46.3 billion, exceeding analyst expectations, leading to a post-earnings stock price increase of over 10% [1] - CEO Elliott Hill emphasized the ongoing "Win Now" strategy aimed at brand transformation and sustainable growth, with a focus on sports-driven adjustments in the upcoming fiscal year [1][12] - The Greater China region generated $6.585 billion in annual revenue, with Q4 revenue reaching $1.476 billion, reflecting significant investment in localized product development and brand narrative [1][2] Financial Performance - Q4 revenue was $11.1 billion, surpassing analyst forecasts [1] - Annual revenue totaled $46.3 billion [1] - Greater China revenue for the year was $6.585 billion, with Q4 contributing $1.476 billion [1] Strategic Initiatives - The "Win Now" strategy is a proactive brand transformation effort, focusing on sustainable development and market differentiation [1] - The company is enhancing its local partnerships and strategies in China, leveraging over 40 years of experience in the market [2] - Nike is actively expanding into new markets and enhancing its product offerings, particularly in the running and basketball sectors [6][7] Product Innovations - The running segment has become a key growth driver, with new product lines like Vomero, Structure, and Pegasus tailored to meet diverse runner needs [6] - Nike's Vaporfly 4 and Streakfly 2 are high-performance products reinforcing its leadership in competitive running [8] - The company is focusing on women's sports gear innovation, highlighted by the success of the "VictoryLap" event and the After Dark Tour [10] Market Engagement - Nike is deepening its engagement in the outdoor segment by sponsoring top-tier events and establishing training camps to strengthen its community presence [10] - The brand is also focusing on building emotional connections with consumers through localized basketball initiatives and community events [7][10] - The recent record-breaking achievement by athlete Faith Kipyegon showcases Nike's commitment to innovation and its role in inspiring athletes globally [3][5]