逆风既来自于外部市场环境变化、行业竞争加剧，也来源于耐克自身的战略调整阵痛。财报反映的， 是耐克"过去决策的代价"，以及"当下重塑的成本"。 当我们审视这份财报时，寻找的并非简单的数字表现，而是想回答一个更本质的问题： 面对市场 的，能否转化成可持续的发展动能，引领公司未来的积极走向？ 答案或许藏在两个画面里： 11月中旬的全运会篮球决赛上，崔永熙现身替补席观赛 ，脚上一双太阳红Nike Mind 001格外吸睛， 这双科技新品很快在社交媒体引发热议。行走过程中，感受鞋底的泡棉节点做万向运动，有助于隔绝 外界干扰，让运动员进入专注状态，同时提高恢复效率。 图源：小红书 " 在竞争已成贴身肉搏的运动鞋服市场，一个巨头的真正护城河究竟是什么？ " 当下，耐克正面临逆风考验。12月19日，耐克披露的2026财年第二季度（截至2025年11月底）财报 显示，本季度营收124亿美元，同比保持1%的增长，超分析师预期。但净利润及中国市场等关键指标 仍显承压。耐克CEO也坦承当前公司处于转型的中期，未来还需一段时间调整。 1971年的一个清晨，比尔・鲍尔曼（耐克联合创始人）盯着餐桌上的华夫饼烤盘走神——之前队员 总抱怨跑鞋 ...

以赛事为枢纽 本报讯 （记者李静）12月19日，耐克公布2026财年第二季度财务报告，报告期内公司营收达124亿美 元，库存资产降至77亿美元，较去年同期减少3%。耐克集团总裁兼首席执行官贺雁峰（ElliottHill） 称，耐克复苏进入关键阶段，2026财年将围绕"Win Now"计划加速行动，为下一阶段以运动员为中心的 创新做好准备。 深化本土运动生态连接 更具战略意义的是前沿科技投入。耐克正式发布历时十余年研发的Nike Mind科技，将推出首款基于神 经科学原理、帮助运动员提升专注与恢复效率的鞋类产品，把装备研发维度从生物力学延伸至运动心智 领域。同时，全球首款功能性动力鞋系统Project Amplify原型亮相，探索通过辅助动力提升运动可及性 与持久性，勾勒出耐克定义未来运动体验的雄心，构建了深厚科技储备与叙事空间。 战略定力获认可 长期发展路径清晰 耐克还推动全球品牌主张与本土文化融合。大湾区体育盛会期间，以广府文化为灵感，携手苏炳添推 出"落足料，点会冇料到"的在地化叙事，引发消费者情感共鸣文化领域，通过耐克高校街舞联 赛、"HAI DEF"上海滑板之旅等项目深耕新生代社群，联赛覆盖多座核心城 ...

这一变化被资本市场重点关注，并被视为耐克极具含金量的"回归"信号。行业人士认为，耐克正在逐步 摆脱旧货消化对新品节奏的掣肘，将更多资源重新投向产品创新与市场建设。 受益于这一战略，不同区域的市场正在以不同的节奏复苏。在本财季，北美市场营收增长9%，经销商 业务增长超过20%。验证了转型方向的正确性。更值得关注的是，耐克的库存优化并非孤立发生，而是 与组织效率、零售体系和产品节奏的整体调整同步推进。这种"慢下来重构基础"的选择，使耐克在财报 中展现出一种不同于短期刺激型增长的稳态。 北京时间12月19日，耐克公布了2026财年第二季度的成绩单。 本季度，耐克实现营收124亿美元，超分析师预期。其中，自营业务营收46亿美元，经销商业务营收75 亿美元，同比增长8%。最关键的经营指标，耐克集团库存资产为77亿美元，同比下降3%。耐克大中华 区营收14.23亿美元，库存同比减少中双位数。 从这一最新财报业绩数据可以看出，耐克目前还处于战略执行的中期阶段，眼下还有许多挑战需要应 对，包括大中华区面临的短期波动。另外一方面，耐克再次强调了其对目前战略执行的定力，面对市场 压力，耐克没有选择激进的促销换量，而是着眼长期发展 ...

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 ...

Core Viewpoint - The return of Elliott Hill as CEO of Nike is seen as a critical strategy to address the company's stagnation in growth and declining stock prices, following a significant drop in revenue and market value [2][5]. Group 1: Financial Performance - In the fiscal year 2024, Nike reported annual revenue of $51.4 billion, a slight increase of 0.3% year-on-year, but the stock price plummeted by 20% after the earnings report, resulting in a market value loss of approximately $28.41 billion [2]. - For the first quarter of fiscal year 2026, Nike achieved revenue of $11.7 billion, a 1% year-on-year growth, although net profit decreased by 31% to $727 million, with revenue and profit exceeding market expectations [5]. Group 2: Market Challenges - Nike faced a 10% decline in revenue in the Greater China region, marking the fifth consecutive quarter of negative growth, which is significant given its previous role as a growth pillar during the pandemic [5][15]. - The company has been losing market share to local brands like Anta and Li-Ning, which have made significant advancements in technology and consumer engagement, capturing nearly 40% of the market share in 2025 [16][17]. Group 3: Strategic Changes - Upon his return, Hill implemented the "Win Now" strategy and made significant organizational changes, including restoring relationships with key wholesale partners and focusing on product innovation [5][12]. - Nike's product strategy has shifted to emphasize innovation, with new product launches in running and basketball categories, leading to a 20% growth in the running business in the first quarter of fiscal year 2026 [12][13]. Group 4: Future Outlook - Hill's leadership aims to reposition Nike as a creative-driven company focused on innovation rooted in sports, emphasizing the importance of the Chinese market and the potential for long-term growth despite current challenges [20]. - The appointment of Dong Wei as the chairman and CEO for Greater China indicates a strategic focus on enhancing Nike's presence in the outdoor segment and addressing the competitive landscape in the region [18][20].

Core Insights - Nike's Q1 FY2026 financial report indicates signs of recovery with revenue of $11.7 billion, a slight increase of 1% year-over-year, surpassing market analysts' expectations [2] - The dealer business generated $6.8 billion in revenue, significantly exceeding the $4.5 billion from direct sales, becoming a key driver of growth [2] - Global inventory decreased by 2% to $8.1 billion, with a notable 11% reduction in Greater China, reflecting effective inventory management [2] Strategic Actions - Under CEO Elliott Hill's leadership, Nike has focused on "sports" as the core strategy, implementing the "Win Now" plan through organizational restructuring, product innovation, market ecosystem restoration, brand value redefinition, and localized execution [3] - Organizational restructuring aimed to refocus Nike on "sports" by breaking down business units into sport-specific segments, allowing for targeted efforts in running, basketball, and soccer [4] - The team has successfully rebuilt relationships with wholesale partners, recovering lost market shelf space and driving the dealer business back to growth, with dealer revenue accounting for over 58% of total revenue [5][6] Inventory Management - Effective inventory management has been a critical component of the "Win Now" plan, with global inventory assets decreasing to $8.1 billion and significant improvements in inventory turnover efficiency [6] - The reduction in inventory levels for previously over-reliant classic series like Air Force 1 and Dunk has created space for seasonal product replenishment and new product launches [6] Brand Value Rebuilding - Nike is focusing on brand value reconstruction by emphasizing key sports moments and increasing innovation investments, leading to a gradual recovery in brand visibility since mid-2024 [7] - Recent marketing initiatives, including collaborations with top athletes and immersive experiences, have reinforced Nike's commitment to its core "sports" identity [7] Future Growth Strategy - Despite the positive Q1 FY2026 results, Nike acknowledges the complexity of recovery across different business areas, emphasizing that progress will not be linear [9] - The "Win Now" plan will continue to drive strategic focus, product innovation, and channel optimization to support comprehensive recovery across all categories and regions [10] Product Innovation - Nike is intensifying investments in core categories such as running, basketball, and soccer, with new product launches aimed at enhancing competitive advantage [11][12] - The company is also targeting women's and children's markets with innovative products and collaborations, expanding its reach in these segments [14][15] Financial Outlook - Capital markets are showing optimism regarding Nike's long-term profitability, with RBC upgrading its rating to "outperform" and raising the target price to $90, anticipating significant revenue contributions from the 2026 World Cup [16] - The resilience of Nike's supply chain, with production expanded to multiple countries, positions the company to better withstand market fluctuations and policy risks [16] Conclusion - Over the past year, Nike has laid a solid foundation for transformation, with a focus on the "Win Now" plan, core category innovation, and leveraging upcoming events like the World Cup to drive sustainable growth [17]

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]