由于库存高企+战略转型， Nike 集团近期经营表现不佳，公司表示FY2026 拐点将至。1）FY2025Q1~Q4 Nike 公司营业收入同比分别下滑10.4%/7.7%/9.3%/12.0%，库存去化动作使得折扣加深，同时公司坚持营销投入，使得短期利润率压力加大，FY2025Q4 公司净利润同比大幅下降。我们判断公司经营调整主要系：①经典款系列终端销售平淡、渠道库存积压，公司主动控制老款发货，...
Source Link由于库存高企+战略转型， Nike 集团近期经营表现不佳，公司表示FY2026 拐点将至。1）FY2025Q1~Q4 Nike 公司营业收入同比分别下滑10.4%/7.7%/9.3%/12.0%，库存去化动作使得折扣加深，同时公司坚持营销投入，使得短期利润率压力加大，FY2025Q4 公司净利润同比大幅下降。我们判断公司经营调整主要系：①经典款系列终端销售平淡、渠道库存积压，公司主动控制老款发货，...
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