耐克 2024年度报告

FORM10-K (Mark One)☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDEDMAY 31, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE TRANSITION PERIOD FROMTO. Table of Contents DOCUMENTS INCORPORATED BY REFERENCE: Parts of Registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on September9, 2025, are incorporated by reference into Part III of this report. NIKE, INC.ANNUAL REPORT ON FORM 10-KTABLE OF CONTENTS PART I PART II PARTIII PARTIV PART I ITEM 1. BUSINESS GENERAL NIKE, Inc. was incorporated in 1967 under the laws of the State of Oregon. As used in this Annual Report on Form 10-K (this "Annual Report"),the terms "we," "us," "our," "NIKE" and the "Company" refer to NIKE, Inc. and its predecessors, subsidiaries and affiliates, collectively, unlessthe context indicates otherwise. Our principal business activity is the design, development and worldwide marketing and selling of athletic footwear, apparel, equipment,accessories and services. NIKE is the largest seller of athletic footwear and apparel in the world. We sell our products through NIKE Directoperations, which are comprised of both NIKE-owned retail stores and sales through our digital platforms (also referred to as "NIKE BrandDigital") and to wholesale accounts, which include a mix of independent distributors, licensees and sales representatives in nearly all countriesaround the world. We also offer interactive consumer services and experiences. Nearly all of our products are manufactured by independentcontractors. Nearly all footwear and apparel products are manufactured outside the United States, while equipment products are manufacturedboth in the United States and abroad. All references to fiscal 2025, 2024 and 2023 are to NIKE, Inc.'s fiscal years ended May 31, 2025, 2024 and 2023, respectively. Any referencesto other fiscal years refer to a fiscal year ending on May 31 of that year. PRODUCTS We offer our products under the NIKE, Jordan and Converse brands. Our strategy is to achieve sustainable, profitable long-term growth byleading with sport, creating innovative, “must-have” products, building deep personal consumer connections with our brands and deliveringcompelling consumer experiences through digital platforms and at retail. We believe this approach will allow us to create products that bettermeet individual consumer needs while accelerating our largest growth opportunities. NIKE's athletic footwear products are designed primarily for specific athletic use, although a large percentage of the products are worn forcasual or leisure purposes. We place considerable emphasis on innovation and high-quality construction in the development and manufacturingof our products. We also sell sports apparel, which features the same trademarks and are sold predominantly through the same marketing and distributionchannels as athletic footwear. Our sports apparel, similar to our athletic footwear products, is designed primarily for athletic use, although manyof the products are worn for casual or leisure purposes, and demonstrates our commitment to innovation and high-quality construction. Weoften market footwear, apparel and accessories in "collections" of similar use. We also market apparel with licensed college and professionalteam and league logos. We sell a line of performance equipment and accessories under the NIKE Brand name, including bags, socks, sport balls, eyewear, timepieces,digital devices, bats, gloves, protective equipment and other equipment designed for sports activities. We also sell small amounts of variousplastic products to other manufacturers through our wholly-owned subsidiary, doing business as Air Manufacturing Innovation. Our Jordan Brand designs, distributes and licenses athletic and casual footwear, apparel and accessories predominantly focused on sportperformance and streetwear using the Jumpman trademark. Sales and operating results for Jordan Brand products are reported within therespective NIKE Brand geographic operating segments. Our wholly-owned subsidiary brand, Converse, headquartered in Boston, Massachusetts, designs, distributes and licenses casual sneakers,apparel and accessories under the Converse, Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell trademarks. Operating results ofthe Converse brand are reported on a stand-alone basis. In addition to the products we sell to our wholesale customers and directly to consumers through our NIKE Direct operations, we have alsoentered into license agreements that permit unaffiliated parties to manufacture and sell, using NIKE-owned trademarks, certain apparel, digitaldevices and applications and other equipment designed for sports activities. We also offer interactive consumer services and experiences, including sport focused events and activations; fitness and activity apps; sport,fitness and welln