<p>随着 <strong>Nike Inc.</strong> (NYSE: NKE) 准备于 12 月 18 日发布 2026 财年第二季度财报，首席执行官 <strong>Elliott Hill</strong> 警告称，“重返辉煌的旅程” 不会是线性的，这一观点反映了投资者面临的复杂现实。</p>
<p>尽管 Nike 的 “现在赢” 战略在关键类别中激发了活力，但预计第二季度财务数据将下滑，因为公司正在应对重大挑战。</p>
<p><em>查看 NKE 的股价</em></p>
<h2><strong>‘现在赢’ 的转变</strong></h2>
<p>Nike 的 ‘现在赢’ 战略——优先关注跑步、北美和批发——正在显示早期的 “证明点”。跑步类别在第一季度增长超过 20%，得益于像 Pegasus 和 Vomero 这样的改进系列。</p>
<p>此外，公司的春季批发订单簿上升，表明零售合作伙伴正在重新获得对品牌的信心。</p>
<p>然而，这一转变是有代价的。管理层故意减少了经典系列如 Air Force 1 和 Dunk 的供应，以维护品牌健康，这一举措拖累了即时收入。因此，随着促销活动的收缩，天然数字流量下降了两位数。</p>
<h2><strong>挑战：关税和中国</strong></h2>
<p>尽管战略进展，但第二季度的财务状况依然面临挑战。管理层预计第二季度收入将下降低个位数，并预计毛利率将显著收缩，下降 300 到 375 个基点。</p>
<p>这种压力主要来自关税，预计将使公司每年损失 15 亿美元，同时大中华区的持续疲软，上一季度收入下降了 10%。</p>
<p><strong>另见：Nike 股票因 Q1 财报超预期而上涨：‘我们仍有工作要做’</strong></p>
<h2><strong>分析师寻求更清晰的拐点</strong></h2>
<p>华尔街保持谨慎。尽管承认有超出保守指引的潜力，Raymond James 的分析师认为，直到出现 “更清晰的收入和 EBIT% 拐点”，股票重新评级是不太可能的。</p>
<p></p>
<p>同样，<strong>Stifel</strong> 维持 ‘持有’ 评级，指出由于股票交易在约 25 倍 FY27 收益的溢价，市场已经对尚未完全实现的复苏进行了定价。投资者将密切关注 “现在赢” 的势头是否能够最终超越宏观挑战。</p>
<p></p>
<h2><strong>NKE 在 2025 年表现不佳</strong></h2>
<p>NKE 股票周二下跌 0.97%，至每股 67.12 美元。然而，在过去六个月中上涨了 8.43%。年初至今，股票已下跌 11.3%。</p>
<p>它在中长期内维持较弱的价格趋势，但在短期内趋势强劲，质量排名较差。根据 <strong>Benzinga 的 Edge 股票排名</strong>，更多表现细节可 在此查看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/17023259/NKE-EDGE-DEC.-17.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="774" height="120" original-src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/17023259/NKE-EDGE-DEC.-17.png"/></p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li><strong>特斯拉股票刚刚创下历史新高：是什么推动了这一突破？</strong></li>
</ul>
<p><strong><em>免责声明</em>：</strong> <em>本内容部分由 AI 工具生成，并由 Benzinga 编辑审核和发布。</em></p>
<p><em>照片：Roman Zaiets / Shutterstock.com</em></p>

耐克

<p>耐克的 “立即获胜” 战略在跑步等关键类别中显示出早期成功，但由于关税和中国市场的挑战，第二季度的收益预计将下降。分析师希望在重新评级股票之前看到更清晰的收入拐点，而该股票在 2025 年表现不佳。尽管短期内有所增长，耐克仍面临显著的逆风，影响利润率和收入</p>

<p>As <strong>Nike Inc.</strong> (NYSE: NKE) prepares to report second-quarter fiscal 2026 earnings on Dec. 18, CEO <strong>Elliott Hill</strong> has cautioned that the “journey back to greatness” will not be linear, a sentiment reflecting the mixed reality facing investors.</p>
<div class="lb-trans"><p>随着 <strong>Nike Inc.</strong> (NYSE: NKE) 准备于 12 月 18 日发布 2026 财年第二季度财报，首席执行官 <strong>Elliott Hill</strong> 警告称，“重返辉煌的旅程” 不会是线性的，这一观点反映了投资者面临的复杂现实。</p>
</div><p>While Nike's “Win Now” strategy is sparking life in key categories, second-quarter financials are expected to dip as the company battles significant headwinds.</p>
<div class="lb-trans"><p>尽管 Nike 的 “现在赢” 战略在关键类别中激发了活力，但预计第二季度财务数据将下滑，因为公司正在应对重大挑战。</p>
</div><p><em>Check out NKE’s stock price here.</em></p>
<div class="lb-trans"><p><em>查看 NKE 的股价</em></p>
</div><h2><strong>The ‘Win Now’ Pivot</strong></h2>
<div class="lb-trans"><h2><strong>‘现在赢’ 的转变</strong></h2>
</div><p>Nike's ‘Win Now’ strategy—a prioritized focus on Running, North America, and Wholesale—is showing early “proof points”. The Running category surged over 20% in the first quarter, driven by revamped franchises like the Pegasus and Vomero.</p>
<div class="lb-trans"><p>Nike 的 ‘现在赢’ 战略——优先关注跑步、北美和批发——正在显示早期的 “证明点”。跑步类别在第一季度增长超过 20%，得益于像 Pegasus 和 Vomero 这样的改进系列。</p>
</div><p>Furthermore, the company's spring wholesale order book is up, signaling that retail partners are regaining confidence in the brand.</p>
<div class="lb-trans"><p>此外，公司的春季批发订单簿上升，表明零售合作伙伴正在重新获得对品牌的信心。</p>
</div><p>However, this pivot comes at a cost. Management has intentionally reduced the supply of classic franchises like the Air Force 1 and Dunk to preserve brand health, a move that drags on immediate revenue. Consequently, organic digital traffic has slowed by double-digits as promotional activity is reined in.</p>
<div class="lb-trans"><p>然而，这一转变是有代价的。管理层故意减少了经典系列如 Air Force 1 和 Dunk 的供应，以维护品牌健康，这一举措拖累了即时收入。因此，随着促销活动的收缩，天然数字流量下降了两位数。</p>
</div><h2><strong>Headwinds: Tariffs and China</strong></h2>
<div class="lb-trans"><h2><strong>挑战：关税和中国</strong></h2>
</div><p>Despite the strategic progress, the financial picture for the second quarter remains challenged. Management has guided second-quarter revenue to be down in the low single digits and expects gross margins to contract significantly, by 300 to 375 basis points.</p>
<div class="lb-trans"><p>尽管战略进展，但第二季度的财务状况依然面临挑战。管理层预计第二季度收入将下降低个位数，并预计毛利率将显著收缩，下降 300 到 375 个基点。</p>
</div><p>This pressure is driven largely by the tariffs, which are projected to cost the company $1.5 billion annually, alongside continued weakness in Greater China, where revenue fell 10% last quarter.</p>
<div class="lb-trans"><p>这种压力主要来自关税，预计将使公司每年损失 15 亿美元，同时大中华区的持续疲软，上一季度收入下降了 10%。</p>
</div><p><strong>See Also: Nike Stock Jumps On Q1 Earnings Beat: ‘We Still Have Work Ahead’</strong></p>
<div class="lb-trans"><p><strong>另见：Nike 股票因 Q1 财报超预期而上涨：‘我们仍有工作要做’</strong></p>
</div><h2><strong>Analysts Seek A ‘Clearer Inflection’</strong></h2>
<div class="lb-trans"><h2><strong>分析师寻求更清晰的拐点</strong></h2>
</div><p>Wall Street remains cautious. While acknowledging the potential for a beat against conservative guidance, analysts at Raymond James argue that a stock re-rating is unlikely until there is a “clearer revenue and EBIT% inflection”.</p>
<div class="lb-trans"><p>华尔街保持谨慎。尽管承认有超出保守指引的潜力，Raymond James 的分析师认为，直到出现 “更清晰的收入和 EBIT% 拐点”，股票重新评级是不太可能的。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>Similarly, <strong>Stifel</strong> maintains a ‘Hold’ rating, noting that with shares trading at a premium ~25x FY27 earnings, the market has already priced in a recovery that has yet to fully materialize. Investors will be watching closely to see if the “Win Now” momentum can eventually outpace the macro headwinds.</p>
<div class="lb-trans"><p>同样，<strong>Stifel</strong> 维持 ‘持有’ 评级，指出由于股票交易在约 25 倍 FY27 收益的溢价，市场已经对尚未完全实现的复苏进行了定价。投资者将密切关注 “现在赢” 的势头是否能够最终超越宏观挑战。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><h2><strong>NKE Underperforms In 2025</strong></h2>
<div class="lb-trans"><h2><strong>NKE 在 2025 年表现不佳</strong></h2>
</div><p>NKE shares fell 0.97% to $67.12 apiece on Tuesday. However, it was up by 8.43% over the last six months. Year-to-date, the stock has declined by 11.3%.</p>
<div class="lb-trans"><p>NKE 股票周二下跌 0.97%，至每股 67.12 美元。然而，在过去六个月中上涨了 8.43%。年初至今，股票已下跌 11.3%。</p>
</div><p>It maintains a weaker price trend over the medium and long term but a strong trend in the short term, with a poor quality ranking. Additional performance details, as per <strong>Benzinga's Edge Stock Rankings</strong>, are available here.</p>
<div class="lb-trans"><p>它在中长期内维持较弱的价格趋势，但在短期内趋势强劲，质量排名较差。根据 <strong>Benzinga 的 Edge 股票排名</strong>，更多表现细节可 在此查看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/17023259/NKE-EDGE-DEC.-17.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/12/17023259/NKE-EDGE-DEC.-17.png"/></p>
<p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li><strong>Tesla Stock Just Closed At All-Time Highs: What’s Driving The Breakout?</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>特斯拉股票刚刚创下历史新高：是什么推动了这一突破？</strong></li>
</ul>
</div><p><strong><em>Disclaimer</em>:</strong> <em>This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.</em></p>
<div class="lb-trans"><p><strong><em>免责声明</em>：</strong> <em>本内容部分由 AI 工具生成，并由 Benzinga 编辑审核和发布。</em></p>
</div><p><em>Photo: Roman Zaiets / Shutterstock.com</em></p>
<div class="lb-trans"><p><em>照片：Roman Zaiets / Shutterstock.com</em></p>
</div>

耐克的 “立即赢” 战略已经取得了初步胜利，但预计第二季度的收益将有所下降