<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1000" height="667" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>图片来源：Unsplash</em></p>
<p>2025 年对股票来说又是一个伟大的年份，但并不是每个人都参与了这场盛宴。几家与消费者密切相关的热门公司，如耐克（NIKE，NKE - 免费报告），面临压力，年初至今大约下跌了 15%。</p>
<p>耐克在过去几年中经历了挑战，面临疫情后需求问题，同时最近的关税也影响了其利润率。但 2026 年能否成为反弹之年？让我们更仔细地看看当前的前景。</p>
<h3><strong>耐克的股票能否反弹？</strong></h3>
<p>耐克目前正在进行几项关键变革，实施其 “现在赢” 的计划，包括重建与零售商的关系，并更加关注其更受欢迎的鞋款。值得注意的是，耐克在过去几年中大幅削减了与零售商的合作，推动直接销售，但减少货架空间的做法反而适得其反，显著降低了其市场存在感。</p>
<p>运营的扭转尚未完全实现，在其最新期间，销售同比仅增长 0.6%。如下所示，该公司的同比销售增长率在最近几个时期远低于历史水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/62/140290.jpg/query-dj0xMTE2NTQ1MTUz?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="231" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/62/140290.jpg/query-dj0xMTE2NTQ1MTUz"/></p>
<p>图片来源：Zacks 投资研究</p>
<p>在最新发布后，首席执行官 Elliott Hill 表示，‘<em>耐克正处于复苏的中期。我们在优先考虑的领域取得了进展，并对推动我们品牌的长期增长和盈利能力所采取的行动充满信心。</em>’</p>
<p>公司的盈利能力也面临挑战，在其最新期间，毛利率同比收缩了 300 个基点。关税是造成这一压力的原因，反映了耐克面临的又一个逆风。请注意，下面的图表跟踪的是过去 12 个月的利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/16/140291.jpg/query-dj0xNTEwNjI1MDk5?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="239" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/16/140291.jpg/query-dj0xNTEwNjI1MDk5"/></p>
<p>图片来源：Zacks 投资研究</p>
<p>其当前年度的前景也大幅下调，目前的 Zacks 共识每股收益（EPS）预估为 1.56 美元，较去年下降超过 30%。明年的预估在同一时间框架内下降了 14%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/67/140292.jpg/query-dj0xNDkxMzAxMjAy?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="620" height="253" original-src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/67/140292.jpg/query-dj0xNDkxMzAxMjAy"/></p>
<p>图片来源：Zacks 投资研究</p>
<h3><strong>综合分析</strong></h3>
<p>传奇服装巨头耐克在近年来面临诸多挑战，疫情后转向更直接面向消费者的策略在很大程度上适得其反。这一策略还减少了其在零售商的货架空间，极大影响了品牌的可见度。</p>
<p>最近的关税也影响了盈利能力，反映了又一个逆风。但公司的韧性值得注意，最近的销售表现相较于之前的时期有了显著改善。尽管在其最新期间的同比收入增长率为 0.6% 并不令人印象深刻，但与 2025 年初的-12% 和-9% 的下降相比，反映了相当大的改善。</p>
<p>悲观的修正趋势仍需谨慎对待。一份季度报告如果显示销售增长加速和关税减轻，可能会轻易使股票摆脱近期的困境。这是一只在 2026 年值得密切关注的股票。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>英伟达：2026 年的 AI 领袖</p>
<p>财报季即将来临：你为什么应该关注</p>
<p>科技股并不总是解决方案</p>

耐克

<p>耐克近年来面临重大挑战，包括由于疫情后需求问题和关税影响利润，导致 2025 年股价下跌 15%。该公司正在实施 “立即获胜” 计划，以重建与零售商的关系并专注于热门产品。尽管同比销售增长仅为 0.6%，但盈利能力仍然承压，预计每股收益下降超过 30%。尽管近期表现有所改善，但由于看跌趋势仍然存在，建议保持谨慎。2026 年强劲的季度业绩可能会为耐克的股票复苏发出潜在信号</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1569025690938-a00729c9e1f9/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1leUpoY0hCZmFXUWlPakV5TURkOSZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1569025690938-a00729c9e1f9?ixlib=rb-1.2.1&amp;ixid=eyJhcHBfaWQiOjEyMDd9&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>图片来源：Unsplash</em></p>
</div><p>It was another great year for stocks in 2025, but not everyone joined the party. Several popular companies with heavy consumer exposure, such as NIKE (NKE - Free Report), faced pressure, losing roughly 15% on a YTD basis.</p>
<div class="lb-trans"><p>2025 年对股票来说又是一个伟大的年份，但并不是每个人都参与了这场盛宴。几家与消费者密切相关的热门公司，如耐克（NIKE，NKE - 免费报告），面临压力，年初至今大约下跌了 15%。</p>
</div><p>It has been a challenging few-year stretch for NIKE, facing post-pandemic demand issues while also getting its margins hit by recent tariffs. But can 2026 be the bounce-back year? Let’s take a closer look at the current outlook.</p>
<div class="lb-trans"><p>耐克在过去几年中经历了挑战，面临疫情后需求问题，同时最近的关税也影响了其利润率。但 2026 年能否成为反弹之年？让我们更仔细地看看当前的前景。</p>
</div><h3><strong>Can NIKE Shares Bounce?</strong></h3>
<div class="lb-trans"><h3><strong>耐克的股票能否反弹？</strong></h3>
</div><p>NIKE is currently undergoing several key changes with its ‘Win Now’ program, including rebuilding its relationships with retailers and emphasizing a greater focus on its more popular shoes. It’s important to note that NIKE largely cut out retailers to push direct sales over recent years, but the reduction of shelf space backfired considerably, significantly reducing its presence.</p>
<div class="lb-trans"><p>耐克目前正在进行几项关键变革，实施其 “现在赢” 的计划，包括重建与零售商的关系，并更加关注其更受欢迎的鞋款。值得注意的是，耐克在过去几年中大幅削减了与零售商的合作，推动直接销售，但减少货架空间的做法反而适得其反，显著降低了其市场存在感。</p>
</div><p>The operational turnaround hasn’t yet fully materialized, with sales up a modest 0.6% year-over-year throughout its latest period. As shown below, the company’s year-over-year sales growth rates over recent periods have been well below levels seen across its history.</p>
<div class="lb-trans"><p>运营的扭转尚未完全实现，在其最新期间，销售同比仅增长 0.6%。如下所示，该公司的同比销售增长率在最近几个时期远低于历史水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/62/140290.jpg/query-dj0xMTE2NTQ1MTUz" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/62/140290.jpg?v=1116545153"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><p>Following its latest release, Elliott Hill, CEO, said, ‘ <em>NIKE is in the middle innings of our comeback. We are making progress in the areas we prioritized first and remain confident in the actions we're taking to drive the long-term growth and profitability of our brands.’</em></p>
<div class="lb-trans"><p>在最新发布后，首席执行官 Elliott Hill 表示，‘<em>耐克正处于复苏的中期。我们在优先考虑的领域取得了进展，并对推动我们品牌的长期增长和盈利能力所采取的行动充满信心。</em>’</p>
</div><p>The company’s profitability picture has also been challenged, with its gross margin contracting 300 basis points year-over-year throughout its latest period. Tariffs were behind the crunch, reflecting yet another headwind NIKE has faced. Please note that the chart below tracks margins on a trailing twelve-month basis.</p>
<div class="lb-trans"><p>公司的盈利能力也面临挑战，在其最新期间，毛利率同比收缩了 300 个基点。关税是造成这一压力的原因，反映了耐克面临的又一个逆风。请注意，下面的图表跟踪的是过去 12 个月的利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/16/140291.jpg/query-dj0xNTEwNjI1MDk5" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/16/140291.jpg?v=1510625099"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><p>Its current year outlook has also been slashed considerably, with the current $1.56 Zacks Consensus EPS estimate down more than 30% over the last year. Next year’s estimate has fallen 14% over the same timeframe.</p>
<div class="lb-trans"><p>其当前年度的前景也大幅下调，目前的 Zacks 共识每股收益（EPS）预估为 1.56 美元，较去年下降超过 30%。明年的预估在同一时间框架内下降了 14%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://staticx-tuner.zacks.com/images/articles/charts/67/140292.jpg/query-dj0xNDkxMzAxMjAy" alt="" original-src="https://staticx-tuner.zacks.com/images/articles/charts/67/140292.jpg?v=1491301202"/></p>
<p>Image Source: Zacks Investment Research</p>
<div class="lb-trans"><p>图片来源：Zacks 投资研究</p>
</div><h3><strong>Putting Everything Together</strong></h3>
<div class="lb-trans"><h3><strong>综合分析</strong></h3>
</div><p>Legendary apparel titan NIKE has faced numerous challenges over recent years, with a shift to a more direct-to-consumer approach post-pandemic largely backfiring. The approach also reduced its shelf space across retailers, massively impacting the brand's visibility.</p>
<div class="lb-trans"><p>传奇服装巨头耐克在近年来面临诸多挑战，疫情后转向更直接面向消费者的策略在很大程度上适得其反。这一策略还减少了其在零售商的货架空间，极大影响了品牌的可见度。</p>
</div><p>Recent tariffs have also been affecting profitability, reflecting yet another headwind. But the company’s resilience has to be noted, and recent top line performance has been well improved relative to recent periods. While the 0.6% year-over-year revenue growth rate throughout its latest period isn’t impressive, it reflects a considerable improvement compared to the -12% and -9% declines we saw throughout early 2025.</p>
<div class="lb-trans"><p>最近的关税也影响了盈利能力，反映了又一个逆风。但公司的韧性值得注意，最近的销售表现相较于之前的时期有了显著改善。尽管在其最新期间的同比收入增长率为 0.6% 并不令人印象深刻，但与 2025 年初的-12% 和-9% 的下降相比，反映了相当大的改善。</p>
</div><p>The bearish revision trends still warrant caution. A quarterly release that reveals accelerating sales growth and the easing of tariffs could easily shake the stock out of its recent woes. It's a stock that deserves a very close eye in 2026.</p>
<div class="lb-trans"><p>悲观的修正趋势仍需谨慎对待。一份季度报告如果显示销售增长加速和关税减轻，可能会轻易使股票摆脱近期的困境。这是一只在 2026 年值得密切关注的股票。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Nvidia: The 2026 AI Captain</p>
<div class="lb-trans"><p>英伟达：2026 年的 AI 领袖</p>
</div><p>Earnings Season Looms: Why You Should Pay Attention</p>
<div class="lb-trans"><p>财报季即将来临：你为什么应该关注</p>
</div><p>Tech Stocks Aren't Always The Answer</p>
<div class="lb-trans"><p>科技股并不总是解决方案</p>
</div>

耐克能否在 2026 年实现最终反弹？