<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>圖片來源：Unsplash</em></p>
<p>2025 年對股票來説又是一個偉大的年份，但並不是每個人都參與了這場盛宴。幾家與消費者密切相關的熱門公司，如耐克（NIKE，NKE - 免費報告），面臨壓力，年初至今大約下跌了 15%。</p>
<p>耐克在過去幾年中經歷了挑戰，面臨疫情後需求問題，同時最近的關税也影響了其利潤率。但 2026 年能否成為反彈之年？讓我們更仔細地看看當前的前景。</p>
<h3><strong>耐克的股票能否反彈？</strong></h3>
<p>耐克目前正在進行幾項關鍵變革，實施其 “現在贏” 的計劃，包括重建與零售商的關係，並更加關注其更受歡迎的鞋款。值得注意的是，耐克在過去幾年中大幅削減了與零售商的合作，推動直接銷售，但減少貨架空間的做法反而適得其反，顯著降低了其市場存在感。</p>
<p>運營的扭轉尚未完全實現，在其最新期間，銷售同比僅增長 0.6%。如下所示，該公司的同比銷售增長率在最近幾個時期遠低於歷史水平。</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>圖片來源：Zacks 投資研究</p>
<p>在最新發布後，首席執行官 Elliott Hill 表示，‘<em>耐克正處於復甦的中期。我們在優先考慮的領域取得了進展，並對推動我們品牌的長期增長和盈利能力所採取的行動充滿信心。</em>’</p>
<p>公司的盈利能力也面臨挑戰，在其最新期間，毛利率同比收縮了 300 個基點。關税是造成這一壓力的原因，反映了耐克面臨的又一個逆風。請注意，下面的圖表跟蹤的是過去 12 個月的利潤率。</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>圖片來源：Zacks 投資研究</p>
<p>其當前年度的前景也大幅下調，目前的 Zacks 共識每股收益（EPS）預估為 1.56 美元，較去年下降超過 30%。明年的預估在同一時間框架內下降了 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>圖片來源：Zacks 投資研究</p>
<h3><strong>綜合分析</strong></h3>
<p>傳奇服裝巨頭耐克在近年來面臨諸多挑戰，疫情後轉向更直接面向消費者的策略在很大程度上適得其反。這一策略還減少了其在零售商的貨架空間，極大影響了品牌的可見度。</p>
<p>最近的關税也影響了盈利能力，反映了又一個逆風。但公司的韌性值得注意，最近的銷售表現相較於之前的時期有了顯著改善。儘管在其最新期間的同比收入增長率為 0.6% 並不令人印象深刻，但與 2025 年初的-12% 和-9% 的下降相比，反映了相當大的改善。</p>
<p>悲觀的修正趨勢仍需謹慎對待。一份季度報告如果顯示銷售增長加速和關税減輕，可能會輕易使股票擺脱近期的困境。這是一隻在 2026 年值得密切關注的股票。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>英偉達：2026 年的 AI 領袖</p>
<p>財報季即將來臨：你為什麼應該關注</p>
<p>科技股並不總是解決方案</p>

耐克

<p>耐克近年來面臨重大挑戰，包括由於疫情後需求問題和關税影響利潤，導致 2025 年股價下跌 15%。該公司正在實施 “立即獲勝” 計劃，以重建與零售商的關係並專注於熱門產品。儘管同比銷售增長僅為 0.6%，但盈利能力仍然承壓，預計每股收益下降超過 30%。儘管近期表現有所改善，但由於看跌趨勢仍然存在，建議保持謹慎。2026 年強勁的季度業績可能會為耐克的股票復甦發出潛在信號</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>圖片來源：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 年對股票來説又是一個偉大的年份，但並不是每個人都參與了這場盛宴。幾家與消費者密切相關的熱門公司，如耐克（NIKE，NKE - 免費報告），面臨壓力，年初至今大約下跌了 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>耐克在過去幾年中經歷了挑戰，面臨疫情後需求問題，同時最近的關税也影響了其利潤率。但 2026 年能否成為反彈之年？讓我們更仔細地看看當前的前景。</p>
</div><h3><strong>Can NIKE Shares Bounce?</strong></h3>
<div class="lb-trans"><h3><strong>耐克的股票能否反彈？</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>耐克目前正在進行幾項關鍵變革，實施其 “現在贏” 的計劃，包括重建與零售商的關係，並更加關注其更受歡迎的鞋款。值得注意的是，耐克在過去幾年中大幅削減了與零售商的合作，推動直接銷售，但減少貨架空間的做法反而適得其反，顯著降低了其市場存在感。</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>運營的扭轉尚未完全實現，在其最新期間，銷售同比僅增長 0.6%。如下所示，該公司的同比銷售增長率在最近幾個時期遠低於歷史水平。</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>圖片來源：Zacks 投資研究</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>在最新發布後，首席執行官 Elliott Hill 表示，‘<em>耐克正處於復甦的中期。我們在優先考慮的領域取得了進展，並對推動我們品牌的長期增長和盈利能力所採取的行動充滿信心。</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臨挑戰，在其最新期間，毛利率同比收縮了 300 個基點。關税是造成這一壓力的原因，反映了耐克面臨的又一個逆風。請注意，下面的圖表跟蹤的是過去 12 個月的利潤率。</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>圖片來源：Zacks 投資研究</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>其當前年度的前景也大幅下調，目前的 Zacks 共識每股收益（EPS）預估為 1.56 美元，較去年下降超過 30%。明年的預估在同一時間框架內下降了 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>圖片來源：Zacks 投資研究</p>
</div><h3><strong>Putting Everything Together</strong></h3>
<div class="lb-trans"><h3><strong>綜合分析</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>傳奇服裝巨頭耐克在近年來面臨諸多挑戰，疫情後轉向更直接面向消費者的策略在很大程度上適得其反。這一策略還減少了其在零售商的貨架空間，極大影響了品牌的可見度。</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>最近的關税也影響了盈利能力，反映了又一個逆風。但公司的韌性值得注意，最近的銷售表現相較於之前的時期有了顯著改善。儘管在其最新期間的同比收入增長率為 0.6% 並不令人印象深刻，但與 2025 年初的-12% 和-9% 的下降相比，反映了相當大的改善。</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>悲觀的修正趨勢仍需謹慎對待。一份季度報告如果顯示銷售增長加速和關税減輕，可能會輕易使股票擺脱近期的困境。這是一隻在 2026 年值得密切關注的股票。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Nvidia: The 2026 AI Captain</p>
<div class="lb-trans"><p>英偉達：2026 年的 AI 領袖</p>
</div><p>Earnings Season Looms: Why You Should Pay Attention</p>
<div class="lb-trans"><p>財報季即將來臨：你為什麼應該關注</p>
</div><p>Tech Stocks Aren't Always The Answer</p>
<div class="lb-trans"><p>科技股並不總是解決方案</p>
</div>

耐克能否在 2026 年實現最終反彈？