耐克市值跌至530亿美元，被剔除标普100指数
Nike warns of layoffs as stock hits 13-year low
耐克业绩大幅不及预期且遭机构剔除核心指数，标志其基本面与资本市场地位发生实质性转折，投资者需关注其重组执行风险及长期估值重估。
Nike told investors on Thursday to expect layoffs, weaker profitability, and fewer Jordan launches, as its stock crashed to a 13-year low.
耐克周四告知投资者，预计将出现裁员、盈利能力减弱以及乔丹品牌新品发布减少的情况，其股价已跌至13年来的低点。
The sporting apparel titan closed Thursday’s regular trading session at a market capitalization of $53 billion, down from $264 billion at its November 2021 peak, and immediately proceeded to crash another 9% in after-hours trading.
这家运动服饰巨头在周四常规交易时段收盘时市值为530亿美元，较2021年11月峰值时的2640亿美元大幅下滑，随后在盘后交易中又立即暴跌9%。
Nike executives are trying to halt the ongoing collapse, and unveiled a few initiatives in its most recent earnings report. In particular, they want to wind down China’s online discount web channels, cut jobs, and decrease retro product launches.
耐克高管正试图遏制持续的崩盘趋势，并在最新财报中公布了几项举措。特别是，他们希望缩减中国市场的线上折扣网络渠道、裁减员工并减少复古产品的发布。
Nike stock has round-tripped back to September 2013 prices. Source: TradingView
耐克股价已完全回落到2013年9月的水平。来源：TradingView
Revenue for the most recent fiscal quarter slipped 4% to $11.2 billion, shy of the $11.3 billion consensus. Profit of 48 cents a share beat the $0.43-44 estimate.
最近一个财季的营收小幅下滑4%，至112亿美元，略低于113亿美元的共识预期。每股收益48美分高于0.43-44美元的预估。
None of those unremarkable numbers mattered, however, as Nike forecast sales decreasing by a high-single digit percentage for the full fiscal year on adjusted earnings of $1.15-1.35 per share, well below the $1.68 analysts had projected.
然而，这些平淡无奇的数据并不重要，因为耐克预测全年调整后收益为每股1.15-1.35美元，远低于分析师此前预期的1.68美元，且销售额将下降高个位数百分比。
Jim Cramer, who spent years defending the stock on CNBC, agreed with the disappointment of investors last night, saying, “Nike guide horrendous.”
曾在CNBC上多年为该股票辩护的吉姆·克莱默（Jim Cramer）也认同投资者昨晚的失望情绪，他表示：“耐克的指引糟糕透顶。”
pic.twitter.com/DhohEScT6z
— Bold (@boldleonidas) October 2, 2026
—— Bold (@boldleonidas) 2026年10月2日
China, Converse, and a Jordan glut
中国、匡威以及乔丹品牌的过剩
The greater China area, once Nike’s growth engine, fell 26% in currency-neutral terms. Nike has decided to wind down most of the online discount channels in the area.
大中华区曾是耐克的增长引擎，按货币中性计算下降了26%。耐克已决定缩减该地区大部分线上折扣渠道。
Indeed, CEO Elliott Hill said it was best to move on. “The majority of our partners’ physical doors in Greater China haven’t been refreshed in the past seven years.”
确实，首席执行官埃利奥特·希尔（Elliott Hill）表示最好继续前进。“在过去七年里，我们大多数合作伙伴在大中华区的实体门店尚未进行翻新。”
Corporate rot wasn’t confined to China. Nike’s Converse division collapsed 28% to $263 million, shrinking in every region.
企业内部的腐朽不仅限于中国。耐克的匡威部门收入暴跌28%，至2.63亿美元，在所有地区均出现萎缩。
Nike’s own digital sales fell 13%.
耐克自身的数字销售下降了13%。
Revenue from its Jordan brand, 13% of the company last quarter, fell by a similar amount. “Simply put, we’ve been oversupplying our iconic retro product,” Hill said. The company wants to pitch fewer, rarer retro products.
其乔丹品牌的收入占上一季度公司总收入的13%，降幅相似。“简而言之，我们在标志性复古产品上供应过量，”希尔说。该公司希望推出更少、更稀有的复古产品。
Nike sues over sneaker NFTs to clean house before metaverse arrives
耐克就运动鞋NFT提起诉讼，旨在元宇宙到来之前清理门户
Read more: Nike’s RTFKT NFT collection is losing its images
阅读更多：耐克的RTFKT NFT系列正在失去其图像
Focus on the cost savings, i.e. layoffs
关注成本节约，即裁员
Nike executives unveiled Pace, a layoff and restructuring program that Nike says will save a cumulative $2.5 billion by 2031. The overhaul includes a new India campus and folding four sales regions into three. Layoffs begin in 2027.
耐克高管公布了“Pace”计划，这是一项裁员和重组计划，耐克称该计划到2031年将累计节省25亿美元。此次改革包括建立新的印度园区并将四个销售区域合并为三个。裁员将于2027年开始。
Nike already cut 775 distribution center jobs in January, and announced about 1,400 more, mostly in tech roles, this April.
耐克今年1月已裁减775个分销中心岗位，并于4月宣布再裁员约1,400人，主要集中在技术岗位。
Threadguy, a crypto influencer, posted about Nike’s diminishing popularity, “Go to the gym and count how many people are wearing Nike shoes. Pretty alarming.”
加密货币网红Threadguy发帖称耐克人气下滑，“去健身房数数穿耐克鞋的人有多少。相当令人担忧。”
The market has already delivered its verdict. With the stock trading back at September 2013 prices, the S&P Dow Jones index committee also removed Nike from its S&P 100 this month, effective September 21. Its 18-year tenure has ended.
市场已经给出了判决。随着股价回落至2013年9月的水平，标普道琼斯指数委员会本月也将耐克从标普100指数中剔除，生效日期为9月21日。其长达18年的任期就此结束。
Nike stock still sits in the Dow Jones Industrial Average index, but its weight is just 0.4%, the smallest of the Dow’s 30 constituents.
耐克股票仍留在道琼斯工业平均指数中，但其权重仅为0.4%，是道指30只成分股中最低的。
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