异动解读 | 耐克盘后大跌5.23%,因关税和库存清理挤压利润率

异动解读
Dec 19, 2025

耐克(NKE)今日盘后股价大跌5.23%,引发市场关注。

消息面上,耐克最新季度营收虽超预期,但毛利率连续下滑(本季度下降300个基点),主要受关税成本和清理陈旧库存的影响。公司高管此前预警复苏进程非线性,因消费者对非必需品支出趋于谨慎。此外,耐克扩大批发渠道和营销投入也进一步压缩利润空间。

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