<p>耐克公司（Nike Inc ((NKE)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</p>
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<p>耐克最新的財報電話會議在北美強勁勢頭與中國市場挑戰之間取得平衡</p>
<p>耐克最新的財報電話會議描繪了一幅謹慎樂觀的畫面：北美的強勁增長和跑步類別的突出表現被大中華區的急劇下滑和利潤壓力所抵消。管理層強調，新產品創新和改善的庫存管理為長期增長奠定了基礎，儘管區域挑戰和更高的成本對當前盈利能力造成了壓力。</p>
<h2>北美推動關鍵運動類別的增長</h2>
<p>北美無疑是一個亮點，收入增長了 9%，批發業務激增 24%。該地區在跑步、籃球和訓練方面勢頭強勁，突顯了耐克在其本土市場的品牌實力。這一表現幫助緩解了其他地區較弱業績的影響，並強調了北美在公司近期增長引擎中的重要性。</p>
<h2>跑步細分市場持續實現兩位數增長</h2>
<p>跑步細分市場仍然是耐克最強勁的增長驅動力之一，連續第二個季度實現超過 20% 的增長。這一強勁表現是廣泛的，所有渠道，包括 NIKE Direct，均有強勁需求。跑步領域的持續兩位數增長鞏固了耐克以表現為重點的戰略的成功，並驗證了在該類別中對產品創新和故事講述的投資。</p>
<h2>新產品創新激發品牌熱度</h2>
<p>耐克強調了幾項新產品的推出，包括 NIKE Mind 鞋類平台和 Aerofit 技術，均獲得了積極的早期反響。這些創新是耐克區分產品線、掌控定價權和保持消費者參與的戰略核心。管理層將這些推出視為推動未來在表現和生活方式細分市場增長的關鍵，因為零售商和消費者都在尋找新鮮的技術產品。</p>
<h2>批發渠道實現穩健的廣泛增長</h2>
<p>批發收入增長了 8%，新老合作伙伴的貢獻均衡。這清楚地重申了耐克在經歷多年批發與直銷渠道重新平衡後的批發戰略。公司依靠強大的零售商關係來擴大覆蓋範圍，改善店內商品組合執行，並在跑步和籃球等關鍵類別中捕捉需求。</p>
<h2>庫存管理顯示出顯著改善</h2>
<p>耐克報告庫存減少了 3%，北美和 EMEA 地區的減少尤為顯著。這表明庫存水平更健康，市場更清潔，減少了大幅折扣的需求，有助於保護品牌價值。在公司應對某些地區需求疲軟和處理與最新創新相關的產品過渡時，更好的庫存管理尤為重要。</p>
<h2>大中華區仍然是一個顯著的弱點</h2>
<p>大中華區繼續成為主要拖累，收入下降了 16%，NIKE Digital（下降 36%）和批發（下降 15%）的急劇下滑。管理層提到店內客流量和市場定位的持續挑戰，強調該地區仍處於重置階段。中國的表現與北美的強勁形成鮮明對比，仍然是投資者關注耐克全球增長故事的最大疑問之一。</p>
<h2>毛利率壓縮凸顯成本和庫存壓力</h2>
<p>毛利率下降了 300 個基點，降至 40.6%，主要受到與關税和庫存過時相關的產品成本上升的影響。這些逆風表明，即使在更好的庫存管理下，遺留庫存和成本通脹仍在對盈利能力施加壓力。毛利率的下降是市場的一個主要關注點，尤其是在公司在創新和戰略舉措上進行大量投資的情況下。</p>
<h2>NIKE Direct 和數字渠道面臨壓力</h2>
<p>NIKE Direct 收入下降了 9%，NIKE Digital 下降了 14%，這表明近年來作為核心增長支柱的直銷策略面臨持續挑戰。數字需求疲軟和消費者背景更加謹慎對這一高利潤渠道造成了壓力，迫使耐克重新平衡其組合，更加依賴批發合作伙伴來推動銷量。</p>
<h2>APLA 疲軟加劇國際挑戰</h2>
<p>APLA 地區報告收入下降 4%，各國表現不一，尤其是在亞太地區。這在大中華區問題的基礎上增加了另一層國際疲軟，突顯出北美以外的增長不均衡。耐克在這些市場面臨不同的消費者和宏觀環境，複雜化了其產生持續全球增長的努力。</p>
<h2>指引和戰略優先事項儘管面臨逆風仍顯信心</h2>
<p>展望未來，耐克預計收入將温和增長，最新季度報告的收入增長 1%，批發收入目標增長 8%，其中跑步類別預計增長約 20%。管理層正依靠其 “WinNow” 行動和 “運動進攻” 戰略，專注於擴大跑步類別、多樣化產品組合，並加強全球合作伙伴關係，以北美為執行主導。儘管大中華區仍然是一個挑戰，毛利率受到關税和庫存相關成本的壓力，耐克重申了其對毛利率擴張的承諾，並計劃通過增長、運營效率和有紀律的戰略投資逐步恢復到兩位數的 EBIT 毛利率。</p>
<p>總之，耐克的財報電話會議展示了一傢俱有明顯優勢但也存在明顯脆弱性的公司。北美和跑步業務實現了令人印象深刻的增長，得益於強大的創新管道和改善的庫存管理。同時，大中華區的疲軟、數字業務的低迷以及利潤率壓力仍然是主要風險。對於投資者而言，關鍵在於耐克能否將其產品和批發業務的勢頭轉化為更廣泛的國際復甦和持續的利潤率改善。</p>

耐克

<p>耐克第二季度的財報電話會議強調了北美地區的強勁增長，收入增長了 9%，批發業務激增了 24%。跑步部門的增長超過了 20%。新產品創新和改善的庫存管理正在推動長期增長。然而，大中華區仍然是一個顯著的弱點，收入下降了 16%。由於產品成本上升，毛利率下降了 300 個基點，降至 40.6%。NIKE Direct 和數字渠道面臨壓力，北美以外的國際增長不均衡</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)）已召開第二季度財報電話會議。請繼續閲讀會議的主要亮點。</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，放心投資</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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<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</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>耐克最新的財報電話會議在北美強勁勢頭與中國市場挑戰之間取得平衡</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>耐克最新的財報電話會議描繪了一幅謹慎樂觀的畫面：北美的強勁增長和跑步類別的突出表現被大中華區的急劇下滑和利潤壓力所抵消。管理層強調，新產品創新和改善的庫存管理為長期增長奠定了基礎，儘管區域挑戰和更高的成本對當前盈利能力造成了壓力。</p>
</div><h2>North America Powers Growth Across Key Sport Categories</h2>
<div class="lb-trans"><h2>北美推動關鍵運動類別的增長</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>北美無疑是一個亮點，收入增長了 9%，批發業務激增 24%。該地區在跑步、籃球和訓練方面勢頭強勁，突顯了耐克在其本土市場的品牌實力。這一表現幫助緩解了其他地區較弱業績的影響，並強調了北美在公司近期增長引擎中的重要性。</p>
</div><h2>Running Segment Delivers Sustained Double-Digit Gains</h2>
<div class="lb-trans"><h2>跑步細分市場持續實現兩位數增長</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>跑步細分市場仍然是耐克最強勁的增長驅動力之一，連續第二個季度實現超過 20% 的增長。這一強勁表現是廣泛的，所有渠道，包括 NIKE Direct，均有強勁需求。跑步領域的持續兩位數增長鞏固了耐克以表現為重點的戰略的成功，並驗證了在該類別中對產品創新和故事講述的投資。</p>
</div><h2>New Product Innovations Fuel Brand Heat</h2>
<div class="lb-trans"><h2>新產品創新激發品牌熱度</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>耐克強調了幾項新產品的推出，包括 NIKE Mind 鞋類平台和 Aerofit 技術，均獲得了積極的早期反響。這些創新是耐克區分產品線、掌控定價權和保持消費者參與的戰略核心。管理層將這些推出視為推動未來在表現和生活方式細分市場增長的關鍵，因為零售商和消費者都在尋找新鮮的技術產品。</p>
</div><h2>Wholesale Channel Posts Solid, Broad-Based Growth</h2>
<div class="lb-trans"><h2>批發渠道實現穩健的廣泛增長</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>批發收入增長了 8%，新老合作伙伴的貢獻均衡。這清楚地重申了耐克在經歷多年批發與直銷渠道重新平衡後的批發戰略。公司依靠強大的零售商關係來擴大覆蓋範圍，改善店內商品組合執行，並在跑步和籃球等關鍵類別中捕捉需求。</p>
</div><h2>Inventory Management Shows Meaningful Improvement</h2>
<div class="lb-trans"><h2>庫存管理顯示出顯著改善</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>耐克報告庫存減少了 3%，北美和 EMEA 地區的減少尤為顯著。這表明庫存水平更健康，市場更清潔，減少了大幅折扣的需求，有助於保護品牌價值。在公司應對某些地區需求疲軟和處理與最新創新相關的產品過渡時，更好的庫存管理尤為重要。</p>
</div><h2>Greater China Remains a Significant Weak Spot</h2>
<div class="lb-trans"><h2>大中華區仍然是一個顯著的弱點</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>大中華區繼續成為主要拖累，收入下降了 16%，NIKE Digital（下降 36%）和批發（下降 15%）的急劇下滑。管理層提到店內客流量和市場定位的持續挑戰，強調該地區仍處於重置階段。中國的表現與北美的強勁形成鮮明對比，仍然是投資者關注耐克全球增長故事的最大疑問之一。</p>
</div><h2>Gross Margin Compression Highlights Cost and Inventory Pressures</h2>
<div class="lb-trans"><h2>毛利率壓縮凸顯成本和庫存壓力</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 個基點，降至 40.6%，主要受到與關税和庫存過時相關的產品成本上升的影響。這些逆風表明，即使在更好的庫存管理下，遺留庫存和成本通脹仍在對盈利能力施加壓力。毛利率的下降是市場的一個主要關注點，尤其是在公司在創新和戰略舉措上進行大量投資的情況下。</p>
</div><h2>NIKE Direct and Digital Channels Under Pressure</h2>
<div class="lb-trans"><h2>NIKE Direct 和數字渠道面臨壓力</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%，這表明近年來作為核心增長支柱的直銷策略面臨持續挑戰。數字需求疲軟和消費者背景更加謹慎對這一高利潤渠道造成了壓力，迫使耐克重新平衡其組合，更加依賴批發合作伙伴來推動銷量。</p>
</div><h2>APLA Softness Adds to International Challenges</h2>
<div class="lb-trans"><h2>APLA 疲軟加劇國際挑戰</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 地區報告收入下降 4%，各國表現不一，尤其是在亞太地區。這在大中華區問題的基礎上增加了另一層國際疲軟，突顯出北美以外的增長不均衡。耐克在這些市場面臨不同的消費者和宏觀環境，複雜化了其產生持續全球增長的努力。</p>
</div><h2>Guidance and Strategic Priorities Signal Confidence Despite Headwinds</h2>
<div class="lb-trans"><h2>指引和戰略優先事項儘管面臨逆風仍顯信心</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>展望未來，耐克預計收入將温和增長，最新季度報告的收入增長 1%，批發收入目標增長 8%，其中跑步類別預計增長約 20%。管理層正依靠其 “WinNow” 行動和 “運動進攻” 戰略，專注於擴大跑步類別、多樣化產品組合，並加強全球合作伙伴關係，以北美為執行主導。儘管大中華區仍然是一個挑戰，毛利率受到關税和庫存相關成本的壓力，耐克重申了其對毛利率擴張的承諾，並計劃通過增長、運營效率和有紀律的戰略投資逐步恢復到兩位數的 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>總之，耐克的財報電話會議展示了一傢俱有明顯優勢但也存在明顯脆弱性的公司。北美和跑步業務實現了令人印象深刻的增長，得益於強大的創新管道和改善的庫存管理。同時，大中華區的疲軟、數字業務的低迷以及利潤率壓力仍然是主要風險。對於投資者而言，關鍵在於耐克能否將其產品和批發業務的勢頭轉化為更廣泛的國際復甦和持續的利潤率改善。</p>
</div>

耐克財報電話會議：北美市場表現亮眼，中國市場表現拖累整體業績