<p>隨着 <strong>Nike Inc.</strong> (NYSE: NKE) 準備於 12 月 18 日發佈 2026 財年第二季度財報，首席執行官 <strong>Elliott Hill</strong> 警告稱，“重返輝煌的旅程” 不會是線性的，這一觀點反映了投資者面臨的複雜現實。</p>
<p>儘管 Nike 的 “現在贏” 戰略在關鍵類別中激發了活力，但預計第二季度財務數據將下滑，因為公司正在應對重大挑戰。</p>
<p><em>查看 NKE 的股價</em></p>
<h2><strong>‘現在贏’ 的轉變</strong></h2>
<p>Nike 的 ‘現在贏’ 戰略——優先關注跑步、北美和批發——正在顯示早期的 “證明點”。跑步類別在第一季度增長超過 20%，得益於像 Pegasus 和 Vomero 這樣的改進系列。</p>
<p>此外，公司的春季批發訂單簿上升，表明零售合作伙伴正在重新獲得對品牌的信心。</p>
<p>然而，這一轉變是有代價的。管理層故意減少了經典系列如 Air Force 1 和 Dunk 的供應，以維護品牌健康，這一舉措拖累了即時收入。因此，隨着促銷活動的收縮，天然數字流量下降了兩位數。</p>
<h2><strong>挑戰：關税和中國</strong></h2>
<p>儘管戰略進展，但第二季度的財務狀況依然面臨挑戰。管理層預計第二季度收入將下降低個位數，並預計毛利率將顯著收縮，下降 300 到 375 個基點。</p>
<p>這種壓力主要來自關税，預計將使公司每年損失 15 億美元，同時大中華區的持續疲軟，上一季度收入下降了 10%。</p>
<p><strong>另見：Nike 股票因 Q1 財報超預期而上漲：‘我們仍有工作要做’</strong></p>
<h2><strong>分析師尋求更清晰的拐點</strong></h2>
<p>華爾街保持謹慎。儘管承認有超出保守指引的潛力，Raymond James 的分析師認為，直到出現 “更清晰的收入和 EBIT% 拐點”，股票重新評級是不太可能的。</p>
<p></p>
<p>同樣，<strong>Stifel</strong> 維持 ‘持有’ 評級，指出由於股票交易在約 25 倍 FY27 收益的溢價，市場已經對尚未完全實現的復甦進行了定價。投資者將密切關注 “現在贏” 的勢頭是否能夠最終超越宏觀挑戰。</p>
<p></p>
<h2><strong>NKE 在 2025 年表現不佳</strong></h2>
<p>NKE 股票週二下跌 0.97%，至每股 67.12 美元。然而，在過去六個月中上漲了 8.43%。年初至今，股票已下跌 11.3%。</p>
<p>它在中長期內維持較弱的價格趨勢，但在短期內趨勢強勁，質量排名較差。根據 <strong>Benzinga 的 Edge 股票排名</strong>，更多表現細節可 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>接下來閲讀：</strong></p>
<ul>
<li><strong>特斯拉股票剛剛創下歷史新高：是什麼推動了這一突破？</strong></li>
</ul>
<p><strong><em>免責聲明</em>：</strong> <em>本內容部分由 AI 工具生成，並由 Benzinga 編輯審核和發佈。</em></p>
<p><em>照片：Roman Zaiets / Shutterstock.com</em></p>

耐克

<p>耐克的 “立即獲勝” 戰略在跑步等關鍵類別中顯示出早期成功，但由於關税和中國市場的挑戰，第二季度的收益預計將下降。分析師希望在重新評級股票之前看到更清晰的收入拐點，而該股票在 2025 年表現不佳。儘管短期內有所增長，耐克仍面臨顯著的逆風，影響利潤率和收入</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>隨着 <strong>Nike Inc.</strong> (NYSE: NKE) 準備於 12 月 18 日發佈 2026 財年第二季度財報，首席執行官 <strong>Elliott Hill</strong> 警告稱，“重返輝煌的旅程” 不會是線性的，這一觀點反映了投資者面臨的複雜現實。</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>儘管 Nike 的 “現在贏” 戰略在關鍵類別中激發了活力，但預計第二季度財務數據將下滑，因為公司正在應對重大挑戰。</p>
</div><p><em>Check out NKE’s stock price here.</em></p>
<div class="lb-trans"><p><em>查看 NKE 的股價</em></p>
</div><h2><strong>The ‘Win Now’ Pivot</strong></h2>
<div class="lb-trans"><h2><strong>‘現在贏’ 的轉變</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 ‘現在贏’ 戰略——優先關注跑步、北美和批發——正在顯示早期的 “證明點”。跑步類別在第一季度增長超過 20%，得益於像 Pegasus 和 Vomero 這樣的改進系列。</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，公司的春季批發訂單簿上升，表明零售合作伙伴正在重新獲得對品牌的信心。</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，這一轉變是有代價的。管理層故意減少了經典系列如 Air Force 1 和 Dunk 的供應，以維護品牌健康，這一舉措拖累了即時收入。因此，隨着促銷活動的收縮，天然數字流量下降了兩位數。</p>
</div><h2><strong>Headwinds: Tariffs and China</strong></h2>
<div class="lb-trans"><h2><strong>挑戰：關税和中國</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>儘管戰略進展，但第二季度的財務狀況依然面臨挑戰。管理層預計第二季度收入將下降低個位數，並預計毛利率將顯著收縮，下降 300 到 375 個基點。</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>這種壓力主要來自關税，預計將使公司每年損失 15 億美元，同時大中華區的持續疲軟，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>另見：Nike 股票因 Q1 財報超預期而上漲：‘我們仍有工作要做’</strong></p>
</div><h2><strong>Analysts Seek A ‘Clearer Inflection’</strong></h2>
<div class="lb-trans"><h2><strong>分析師尋求更清晰的拐點</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>華爾街保持謹慎。儘管承認有超出保守指引的潛力，Raymond James 的分析師認為，直到出現 “更清晰的收入和 EBIT% 拐點”，股票重新評級是不太可能的。</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>同樣，<strong>Stifel</strong> 維持 ‘持有’ 評級，指出由於股票交易在約 25 倍 FY27 收益的溢價，市場已經對尚未完全實現的復甦進行了定價。投資者將密切關注 “現在贏” 的勢頭是否能夠最終超越宏觀挑戰。</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 年表現不佳</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 股票週二下跌 0.97%，至每股 67.12 美元。然而，在過去六個月中上漲了 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>它在中長期內維持較弱的價格趨勢，但在短期內趨勢強勁，質量排名較差。根據 <strong>Benzinga 的 Edge 股票排名</strong>，更多表現細節可 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>接下來閲讀：</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>特斯拉股票剛剛創下歷史新高：是什麼推動了這一突破？</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>免責聲明</em>：</strong> <em>本內容部分由 AI 工具生成，並由 Benzinga 編輯審核和發佈。</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 “立即贏” 戰略已經取得了初步勝利，但預計第二季度的收益將有所下降