<p>耐克公司（Nike Inc ((NKE)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<p>耐克最新的财报电话会议在北美强劲势头与中国市场挑战之间取得平衡</p>
<p>耐克最新的财报电话会议描绘了一幅谨慎乐观的画面：北美的强劲增长和跑步类别的突出表现被大中华区的急剧下滑和利润压力所抵消。管理层强调，新产品创新和改善的库存管理为长期增长奠定了基础，尽管区域挑战和更高的成本对当前盈利能力造成了压力。</p>
<h2>北美推动关键运动类别的增长</h2>
<p>北美无疑是一个亮点，收入增长了 9%，批发业务激增 24%。该地区在跑步、篮球和训练方面势头强劲，突显了耐克在其本土市场的品牌实力。这一表现帮助缓解了其他地区较弱业绩的影响，并强调了北美在公司近期增长引擎中的重要性。</p>
<h2>跑步细分市场持续实现两位数增长</h2>
<p>跑步细分市场仍然是耐克最强劲的增长驱动力之一，连续第二个季度实现超过 20% 的增长。这一强劲表现是广泛的，所有渠道，包括 NIKE Direct，均有强劲需求。跑步领域的持续两位数增长巩固了耐克以表现为重点的战略的成功，并验证了在该类别中对产品创新和故事讲述的投资。</p>
<h2>新产品创新激发品牌热度</h2>
<p>耐克强调了几项新产品的推出，包括 NIKE Mind 鞋类平台和 Aerofit 技术，均获得了积极的早期反响。这些创新是耐克区分产品线、掌控定价权和保持消费者参与的战略核心。管理层将这些推出视为推动未来在表现和生活方式细分市场增长的关键，因为零售商和消费者都在寻找新鲜的技术产品。</p>
<h2>批发渠道实现稳健的广泛增长</h2>
<p>批发收入增长了 8%，新老合作伙伴的贡献均衡。这清楚地重申了耐克在经历多年批发与直销渠道重新平衡后的批发战略。公司依靠强大的零售商关系来扩大覆盖范围，改善店内商品组合执行，并在跑步和篮球等关键类别中捕捉需求。</p>
<h2>库存管理显示出显著改善</h2>
<p>耐克报告库存减少了 3%，北美和 EMEA 地区的减少尤为显著。这表明库存水平更健康，市场更清洁，减少了大幅折扣的需求，有助于保护品牌价值。在公司应对某些地区需求疲软和处理与最新创新相关的产品过渡时，更好的库存管理尤为重要。</p>
<h2>大中华区仍然是一个显著的弱点</h2>
<p>大中华区继续成为主要拖累，收入下降了 16%，NIKE Digital（下降 36%）和批发（下降 15%）的急剧下滑。管理层提到店内客流量和市场定位的持续挑战，强调该地区仍处于重置阶段。中国的表现与北美的强劲形成鲜明对比，仍然是投资者关注耐克全球增长故事的最大疑问之一。</p>
<h2>毛利率压缩凸显成本和库存压力</h2>
<p>毛利率下降了 300 个基点，降至 40.6%，主要受到与关税和库存过时相关的产品成本上升的影响。这些逆风表明，即使在更好的库存管理下，遗留库存和成本通胀仍在对盈利能力施加压力。毛利率的下降是市场的一个主要关注点，尤其是在公司在创新和战略举措上进行大量投资的情况下。</p>
<h2>NIKE Direct 和数字渠道面临压力</h2>
<p>NIKE Direct 收入下降了 9%，NIKE Digital 下降了 14%，这表明近年来作为核心增长支柱的直销策略面临持续挑战。数字需求疲软和消费者背景更加谨慎对这一高利润渠道造成了压力，迫使耐克重新平衡其组合，更加依赖批发合作伙伴来推动销量。</p>
<h2>APLA 疲软加剧国际挑战</h2>
<p>APLA 地区报告收入下降 4%，各国表现不一，尤其是在亚太地区。这在大中华区问题的基础上增加了另一层国际疲软，突显出北美以外的增长不均衡。耐克在这些市场面临不同的消费者和宏观环境，复杂化了其产生持续全球增长的努力。</p>
<h2>指引和战略优先事项尽管面临逆风仍显信心</h2>
<p>展望未来，耐克预计收入将温和增长，最新季度报告的收入增长 1%，批发收入目标增长 8%，其中跑步类别预计增长约 20%。管理层正依靠其 “WinNow” 行动和 “运动进攻” 战略，专注于扩大跑步类别、多样化产品组合，并加强全球合作伙伴关系，以北美为执行主导。尽管大中华区仍然是一个挑战，毛利率受到关税和库存相关成本的压力，耐克重申了其对毛利率扩张的承诺，并计划通过增长、运营效率和有纪律的战略投资逐步恢复到两位数的 EBIT 毛利率。</p>
<p>总之，耐克的财报电话会议展示了一家具有明显优势但也存在明显脆弱性的公司。北美和跑步业务实现了令人印象深刻的增长，得益于强大的创新管道和改善的库存管理。同时，大中华区的疲软、数字业务的低迷以及利润率压力仍然是主要风险。对于投资者而言，关键在于耐克能否将其产品和批发业务的势头转化为更广泛的国际复苏和持续的利润率改善。</p>

耐克

<p>耐克第二季度的财报电话会议强调了北美地区的强劲增长，收入增长了 9%，批发业务激增了 24%。跑步部门的增长超过了 20%。新产品创新和改善的库存管理正在推动长期增长。然而，大中华区仍然是一个显著的弱点，收入下降了 16%。由于产品成本上升，毛利率下降了 300 个基点，降至 40.6%。NIKE Direct 和数字渠道面临压力，北美以外的国际增长不均衡</p>

<p>Nike Inc ((NKE)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>耐克公司（Nike Inc ((NKE)）已召开第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，放心投资</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
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</div><p>Nike’s Latest Earnings Call Balances Strong North America Momentum With China Headwinds</p>
<div class="lb-trans"><p>耐克最新的财报电话会议在北美强劲势头与中国市场挑战之间取得平衡</p>
</div><p>Nike’s latest earnings call painted a picture of cautious optimism: robust growth in North America and standout performance in the running category are offset by steep declines in Greater China and pressure on margins. Management stressed that new product innovations and improved inventory management are laying the groundwork for long-term growth, even as regional challenges and higher costs weigh on current profitability.</p>
<div class="lb-trans"><p>耐克最新的财报电话会议描绘了一幅谨慎乐观的画面：北美的强劲增长和跑步类别的突出表现被大中华区的急剧下滑和利润压力所抵消。管理层强调，新产品创新和改善的库存管理为长期增长奠定了基础，尽管区域挑战和更高的成本对当前盈利能力造成了压力。</p>
</div><h2>North America Powers Growth Across Key Sport Categories</h2>
<div class="lb-trans"><h2>北美推动关键运动类别的增长</h2>
</div><p>North America was the clear bright spot, with revenue up 9% and wholesale surging 24%. The region saw strong momentum in running, basketball, and training, underscoring Nike’s continued brand strength in its home market. This performance helped cushion the impact of weaker results elsewhere and highlighted how important North America has become as the engine of the company’s near-term growth.</p>
<div class="lb-trans"><p>北美无疑是一个亮点，收入增长了 9%，批发业务激增 24%。该地区在跑步、篮球和训练方面势头强劲，突显了耐克在其本土市场的品牌实力。这一表现帮助缓解了其他地区较弱业绩的影响，并强调了北美在公司近期增长引擎中的重要性。</p>
</div><h2>Running Segment Delivers Sustained Double-Digit Gains</h2>
<div class="lb-trans"><h2>跑步细分市场持续实现两位数增长</h2>
</div><p>The running segment remains one of Nike’s strongest growth drivers, posting over 20% growth for the second consecutive quarter. This strength was broad-based, with solid demand across all channels, including NIKE Direct. The sustained double-digit growth in running reinforces the success of Nike’s performance-focused strategy and validates investments in product innovation and storytelling in this category.</p>
<div class="lb-trans"><p>跑步细分市场仍然是耐克最强劲的增长驱动力之一，连续第二个季度实现超过 20% 的增长。这一强劲表现是广泛的，所有渠道，包括 NIKE Direct，均有强劲需求。跑步领域的持续两位数增长巩固了耐克以表现为重点的战略的成功，并验证了在该类别中对产品创新和故事讲述的投资。</p>
</div><h2>New Product Innovations Fuel Brand Heat</h2>
<div class="lb-trans"><h2>新产品创新激发品牌热度</h2>
</div><p>Nike highlighted several new product launches, including the NIKE Mind footwear platform and Aerofit technology, which were met with positive early reception. These innovations are central to Nike’s strategy to differentiate its product lineup, command pricing power, and keep consumers engaged. Management framed these launches as key to driving future growth across both performance and lifestyle segments, as retailers and consumers alike look for fresh, technical offerings.</p>
<div class="lb-trans"><p>耐克强调了几项新产品的推出，包括 NIKE Mind 鞋类平台和 Aerofit 技术，均获得了积极的早期反响。这些创新是耐克区分产品线、掌控定价权和保持消费者参与的战略核心。管理层将这些推出视为推动未来在表现和生活方式细分市场增长的关键，因为零售商和消费者都在寻找新鲜的技术产品。</p>
</div><h2>Wholesale Channel Posts Solid, Broad-Based Growth</h2>
<div class="lb-trans"><h2>批发渠道实现稳健的广泛增长</h2>
</div><p>Wholesale revenue rose 8%, supported by balanced contributions from both new and existing partners. This marks a clear reaffirmation of Nike’s wholesale strategy after years of rebalancing between wholesale and direct channels. The company is leaning on strong retailer relationships to extend reach, improve assortment execution in stores, and capture demand in key categories such as running and basketball.</p>
<div class="lb-trans"><p>批发收入增长了 8%，新老合作伙伴的贡献均衡。这清楚地重申了耐克在经历多年批发与直销渠道重新平衡后的批发战略。公司依靠强大的零售商关系来扩大覆盖范围，改善店内商品组合执行，并在跑步和篮球等关键类别中捕捉需求。</p>
</div><h2>Inventory Management Shows Meaningful Improvement</h2>
<div class="lb-trans"><h2>库存管理显示出显著改善</h2>
</div><p>Nike reported a 3% decrease in inventory, with particularly notable reductions in North America and EMEA. This points to healthier inventory levels and a cleaner marketplace, reducing the need for heavy discounting and helping protect brand equity. Better inventory discipline is especially important as the company navigates softer demand in some regions and works through product transitions tied to its latest innovations.</p>
<div class="lb-trans"><p>耐克报告库存减少了 3%，北美和 EMEA 地区的减少尤为显著。这表明库存水平更健康，市场更清洁，减少了大幅折扣的需求，有助于保护品牌价值。在公司应对某些地区需求疲软和处理与最新创新相关的产品过渡时，更好的库存管理尤为重要。</p>
</div><h2>Greater China Remains a Significant Weak Spot</h2>
<div class="lb-trans"><h2>大中华区仍然是一个显著的弱点</h2>
</div><p>Greater China continues to be a major drag, with revenue down 16% and sharp declines in NIKE Digital (down 36%) and wholesale (down 15%). Management cited ongoing challenges around store traffic and market positioning, underscoring that the region is still in a reset phase. The performance in China contrasts sharply with North America’s strength and remains one of the biggest question marks for investors tracking Nike’s global growth story.</p>
<div class="lb-trans"><p>大中华区继续成为主要拖累，收入下降了 16%，NIKE Digital（下降 36%）和批发（下降 15%）的急剧下滑。管理层提到店内客流量和市场定位的持续挑战，强调该地区仍处于重置阶段。中国的表现与北美的强劲形成鲜明对比，仍然是投资者关注耐克全球增长故事的最大疑问之一。</p>
</div><h2>Gross Margin Compression Highlights Cost and Inventory Pressures</h2>
<div class="lb-trans"><h2>毛利率压缩凸显成本和库存压力</h2>
</div><p>Gross margin fell 300 basis points to 40.6%, weighed down largely by higher product costs tied to tariffs and inventory obsolescence. These headwinds show that even with better inventory management, legacy stock and cost inflation are still pressuring profitability. The margin decline is a key concern for the market, especially as the company invests heavily in innovation and strategic initiatives.</p>
<div class="lb-trans"><p>毛利率下降了 300 个基点，降至 40.6%，主要受到与关税和库存过时相关的产品成本上升的影响。这些逆风表明，即使在更好的库存管理下，遗留库存和成本通胀仍在对盈利能力施加压力。毛利率的下降是市场的一个主要关注点，尤其是在公司在创新和战略举措上进行大量投资的情况下。</p>
</div><h2>NIKE Direct and Digital Channels Under Pressure</h2>
<div class="lb-trans"><h2>NIKE Direct 和数字渠道面临压力</h2>
</div><p>NIKE Direct revenue declined 9%, with NIKE Digital down 14%, signaling ongoing challenges in the direct-to-consumer strategy that has been a core growth pillar in recent years. Softer digital demand and a more cautious consumer backdrop are pressuring this high-margin channel, forcing Nike to rebalance its mix and rely more heavily on wholesale partners to drive volume.</p>
<div class="lb-trans"><p>NIKE Direct 收入下降了 9%，NIKE Digital 下降了 14%，这表明近年来作为核心增长支柱的直销策略面临持续挑战。数字需求疲软和消费者背景更加谨慎对这一高利润渠道造成了压力，迫使耐克重新平衡其组合，更加依赖批发合作伙伴来推动销量。</p>
</div><h2>APLA Softness Adds to International Challenges</h2>
<div class="lb-trans"><h2>APLA 疲软加剧国际挑战</h2>
</div><p>The APLA region reported a 4% revenue decline, with mixed performance across countries, particularly in Asia Pacific. This adds another layer of international softness on top of the Greater China issues, highlighting that growth outside North America is uneven. Nike is facing varied consumer and macro environments across these markets, complicating its efforts to generate consistent global growth.</p>
<div class="lb-trans"><p>APLA 地区报告收入下降 4%，各国表现不一，尤其是在亚太地区。这在大中华区问题的基础上增加了另一层国际疲软，突显出北美以外的增长不均衡。耐克在这些市场面临不同的消费者和宏观环境，复杂化了其产生持续全球增长的努力。</p>
</div><h2>Guidance and Strategic Priorities Signal Confidence Despite Headwinds</h2>
<div class="lb-trans"><h2>指引和战略优先事项尽管面临逆风仍显信心</h2>
</div><p>Looking ahead, Nike is guiding to modest top-line growth, with revenues up 1% on a reported basis in the latest quarter and a targeted 8% increase in wholesale, including around 20% growth in running. Management is leaning into its “WinNow” actions and “sport offense” strategy, focused on expanding the running category, diversifying the product portfolio, and strengthening global partner relationships, with North America leading execution. While Greater China remains a challenge and margins are under pressure from tariffs and inventory-related costs, Nike reiterated its commitment to margin expansion and a return to double-digit EBIT margins over time through growth, operational efficiencies, and disciplined strategic investment.</p>
<div class="lb-trans"><p>展望未来，耐克预计收入将温和增长，最新季度报告的收入增长 1%，批发收入目标增长 8%，其中跑步类别预计增长约 20%。管理层正依靠其 “WinNow” 行动和 “运动进攻” 战略，专注于扩大跑步类别、多样化产品组合，并加强全球合作伙伴关系，以北美为执行主导。尽管大中华区仍然是一个挑战，毛利率受到关税和库存相关成本的压力，耐克重申了其对毛利率扩张的承诺，并计划通过增长、运营效率和有纪律的战略投资逐步恢复到两位数的 EBIT 毛利率。</p>
</div><p>In summary, Nike’s earnings call showcased a company with clear strengths but also visible vulnerabilities. North America and running are delivering impressive growth, supported by a strong innovation pipeline and improved inventory control. At the same time, Greater China weakness, digital softness, and margin pressures remain key risks. For investors, the story hinges on whether Nike can translate its product and wholesale momentum into broader international recovery and sustained margin improvement.</p>
<div class="lb-trans"><p>总之，耐克的财报电话会议展示了一家具有明显优势但也存在明显脆弱性的公司。北美和跑步业务实现了令人印象深刻的增长，得益于强大的创新管道和改善的库存管理。同时，大中华区的疲软、数字业务的低迷以及利润率压力仍然是主要风险。对于投资者而言，关键在于耐克能否将其产品和批发业务的势头转化为更广泛的国际复苏和持续的利润率改善。</p>
</div>

耐克财报电话会议：北美市场表现亮眼，中国市场表现拖累整体业绩