纺织品、服装与奢侈品:望远镜系列32之NIKEFY2026Q2经营跟踪:收入指引偏弱 库存去化符合预期

长江证券
Dec 25, 2025

事件描述FY2026Q2(2025/9/1-2025/11/31)Nike 实现营收124.3 亿美元,收入表现略超预期(彭博一致预期122.4 亿美元),固定汇率下同比持平(原指引低单下滑),美元计价下同比+1%。毛利率同比-3pct 至40.6%,主要受北美关税提升及大中华区老旧库存问题影响。SG&A 费用率同比+0.1pct 及有效税率同比+2.8pct,拖累净利润同比-32%至7.9 亿元...

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