Nike 4Q FY26 read-through

研报英文原文证据摘录

Nike 4Q FY26 read-through

g on China reset. China revenue declined 17% YoY, widening

from 3Q FY26, driven by a 25% drop in digital sales and a 19% decline CompanyFeng Tay Ticker9910 TT ProductFootwear Revenue exposure to80-90%Nike

in wholesale. Inventory units fell by double digits YoY as Nike continues StellaYue Yuen 1836551 HKHK FootwearFootwear 30-40%25-30%

to work with retail partners to clean up the marketplace. Management SportsgearEclat 67681476 TTTT FootwearFabric and apparel 35-40%15%

noted improved in-season sell-through and discounts, but performance ShenzhouEagle Nice 23132368 HKHK ApparelApparel 20-30%65-70%

was likely still impacted by the reset as it works with partners on online HualiCrystalGroupGroup 3009792232 HKCH FootwearApparel 25-35%0-5%

and offline channels. The local product creation team in China will be Source: Company data, Macquarie Research, July 2026

delivering locally designed, developed, and manufactured products in

the 2027 China holiday season. This would suggest a need for local Figure 3 - Coverage table

production capacity as the brand scales this business over time. Company Ticker Rating Price TP TSR (%)

Feng Tay 9910 TT Underperform 69.00 100.00 52.6

• New sportswear styles in 2H FY27. Management expects to launch a StellaEclat 18361476 HKTT UnderperformOutperform 311.5012.38 627.0010.60 106.1-7.1

dozen new footwear styles under Nike Sportswear in 2H FY27, driven by Yue Yuen 551 HK Underperform 12.25 8.80 -17.5

innovations instead of retro products, while working with local creators LiAntaNing 23312020 HKHK OutperformOutperform 14.7271.05 124.0024.30 69.578.1

and accelerating local production creation around the world. We believe Shenzhou 2313 HK Outperform 39.36 72.70 91.6

Topsports 6110 HK Outperform 1.74 2.20 45.0