NKE在中国市场这一表现疲软的市场拥有重大敞口，这对其股价构成重大障碍。
逐段跳播
我们为Nike股票的投资者带来重要消息：管理层表示，他们正在供应链上采取果断行动，以降低成本、精简运营，并调整分销网络的规模，使其与未来的需求相匹配。
We have important news for Nike stock investors, as the management team has stated that they are taking decisive action in the supply chain to reduce costs, streamline operations, and adjust the size of the distribution network to match future demand.
换句话说，需求似乎并不强劲，而我们正在调整运营，以适应这种放缓的需求。因此，我认为Nike的管理层正在明智地适应他们所面临的宏观经济环境。
In other words, demand doesn't seem strong, and we are adjusting our operations to meet this slower demand. Therefore, I believe that the Nike management team is adapting wisely to the macroeconomic environment they are facing.
关税、战争、油价上涨和通胀都让消费者的处境更加艰难。Nike所销售的产品未必是基本必需品。当你面临困难的财务状况，就业前景黯淡，当人工智能威胁到全球成千上万、乃至数十万、甚至数百万个工作岗位，你环顾四周，看到同事被裁员，看到公司调整规模、缩减运营、削减成本等等。
这种时候，你不会想着出去花200美元或300美元买一双运动鞋。这就是为什么Nike正在评估这一形势。他们实时看到这些情况，并做出调整，以应对他们所面临的局面。
Tariffs, wars, rising oil prices, and inflation all make things more difficult for consumers. The quality of products that Nike sells is not necessarily basic. When you face a difficult financial situation , and your job prospects are bleak, and when artificial intelligence threatens thousands or hundreds of thousands, and perhaps millions, of jobs around the world, you look around and see your colleagues being laid off.
You see your company restructuring its size, downsizing its operations, and cutting costs, etc. These are not times when you're looking to go out and buy a pair of sneakers for $ 200 or $300.
That's why Nike is evaluating this situation. They see this in real time and make adjustments to deal with the situation they are facing.
竞争形势对Nike在中国而言尤为黯淡。在大中华区，Nike重申其在这一品类中取胜的承诺。他们并没有说，中国对我们来说非常艰难，竞争已经改善，我们的处境不佳，因此我们将退出、接受损失，转向我们的主要市场。
Nike没有这么说。他们说我们致力于赢得这个市场。他们在中国的团队正在进行全面重置。他们正与合作伙伴一起评估新的方式，以加快我们恢复增长。这意味着这将需要大量时间，因为他们仍在评估加快增长的新方式。
他们甚至还没有找到让自己有信心推进的正确战略。他们仍在研究形势。研究完形势之后，他们需要拿出一个计划。然后他们需要执行这个计划。所有这些都需要时间才能见到成效。因此，这个市场很可能继续成为Nike的一道障碍。
鉴于它构成Nike业务的一大部分，确实是其业务的重要部分，我必须说，这将对股价构成重大障碍。
The competitive situation is particularly bleak for Nike in China. In Greater China, Nike reaffirms its commitment to winning in this category. They don't say, you know, China is very difficult for us.
The competition has improved and our position is not good. Therefore, we will withdraw, accept the loss, and head towards our main markets. Nike doesn't say that. They say we are committed to winning this market.
Their teams in China are carrying out a comprehensive reset. They are working with partners to assess new ways to accelerate our return to growth. This means it will take a lot of time because they are still evaluating new ways to accelerate growth.
They haven't even found the right strategy that they feel confident moving forward with. They are still studying the situation. After studying the situation, they need to come up with a plan.
Then they need to implement that plan. All of this will take time to bear fruit. Therefore, this market is likely to continue to be a hurdle for Nike. Given that it constitutes a large part of Nike's business, indeed a significant part of its business, I must say that this will pose a major obstacle to the share price.
这曾经是一个巨大的市场机会，投资者曾对此非常兴奋。Nike甚至设法进入了这个市场，而坦白说，中国企业、消费者和政府都对美国公司并不友好。相对而言，很少有公司能够接触到中国消费者，因此鉴于Nike能够进入一个拥有近15亿消费者且中产阶级不断壮大的市场，投资者对Nike在这一品类中的机会感到兴奋。
但短期内，这个市场已经变成了Nike的一道障碍。
This was once a huge market opportunity, one that investors were very excited about. The fact that Nike has even managed to enter this market , where Chinese companies, consumers and the government are, frankly, not friendly towards American companies.
Relatively few companies have gained access to the Chinese consumer, so investors were excited about Nike's opportunity in this category given their access to a market of nearly 1.5 billion consumers and a growing middle class.
But this market has turned into a hurdle for Nike in the short term.
而且这不仅仅局限于中国市场。这些不只是地域上的障碍，也是与具体产品相关的障碍。Nike预计其运动服和Jordan街头服饰业务在本财年将保持负增长，并在下半年有所改善。
And it's not limited to the market in China only. They are not just geographical obstacles. But they are also obstacles related to specific products. Nike expects its sportswear and Jordan streetwear businesses to remain negative for the current fiscal year, with an improvement in the second half.
Nike对下半年有信心的原因是，它将推出十几款新鞋型，每一款都有独特的消费者体验路径。这需要时间才能转化为并扩展为稳定的业绩。这正是Nike的顾客一直所要求的。Nike的顾客已经厌倦了公司重新发售过去流行的旧款。
例如，重新推出过去受欢迎的Jordan款式，以略有不同的颜色和不同的库存单位重新发售，但仍然基于消费者可能已经开始厌倦的同一个Jordan品牌。
The reason Nike feels confident about the second half of the year is that it will be introducing more than a dozen new shoe styles, each with a distinct consumer journey. This will take time to translate and expand into consistent results.
This is something Nike customers have been demanding. Nike customers have grown tired of the company re-releasing old models that were popular in the past. For example, reintroducing previously popular Jordan models and relaunching them in slightly different colors and different stock units, but still based on the same Jordan brand that consumers may have started to get tired of.
这很难说，不是吗？因为Jordan品牌曾是Nike销售的一大部分，靠的是能够提供那些常常完全售罄的产品，然后二级市场上的人会以高于Nike卖给顾客的价格转售这些产品。这就是过去Jordan鞋所存在的稀缺程度。
目前，你可以去Foot Locker或Nike门店，发现好几款Jordan鞋仍然摆在货架上，还有多个尺码可选。所以，这些产品远没有卖光。这证明Nike向市场大量投放了产品，过度依赖这一产品，超出了消费者的需求。
因此，他们过于依赖这一品类。而现在他们正在从中退出。他们想推出新的款式和风格，这些新风格能否吸引顾客还有待观察，但管理团队正朝着顾客所指的方向前进。顾客表示，他们对这些更新、对这些鞋以与之前热门款式略有不同的颜色推出，已经有点厌倦了。
That's hard to say, is n't it? Because the Jordan brand was a large part of Nike's sales, through the ability to offer those products which often sold out completely , and then people in the secondary market would sell those products at higher prices than Nike was selling them to customers.
This is the level of rarity that existed with Jordan shoes in the past. Currently, you can go to Foot Locker or Nike stores and find several models of Jordan shoes still on the shelves, with multiple sizes available.
So, these products are far from running out. This is evidence that Nike has flooded the market with products, relying excessively on this product beyond what consumers want. Therefore , they relied too heavily on this category.
And now they are backing away from that . They want to introduce new models and styles , and it remains to be seen whether these new styles will appeal to customers, but the management team is heading in the direction customers are pointing.
Customers indicate that they are a little tired of these updates, and of these shoes being offered in slightly different colors than the popular previous models.
这个频道对 $NKE 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。