720亿一日蒸发!耐克大中华区利润暴跌49%,DTC神话崩塌后向经销商低头

锐艺商业品牌观察
Dec 23, 2025

曾几何时,北京三里屯或深圳万象天地的耐克旗舰店门外,年轻人为一双限量版Air Jordan彻夜排队。但在2025年冬天的财报季,这种由潮流溢价构筑的神话正加速瓦解。12月18日美股盘后,耐克发布2026财年第二季度(2025年9-11月)业绩报告,大中华区营收同比重挫17%至14.23亿美元,息税前利润大幅缩水49%,几乎腰斩。财报发布次日,耐克股价收跌10.54%,创下年度单日最大跌幅,市值一日...

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