中经记者 刘旺 北京报道 耐克在中国市场即将迎来外籍新帅。 《中国经营报》记者从耐克方面获悉，现任大中华区领导董炜将于3月31日正式卸任。同时，耐克宣布 任命Cathy Sparks为新任耐克大中华区副总裁兼总经理。 耐克对董炜评价颇高，该公司方面提到，董炜于2005年加入耐克。在过去20余年间，她在大中华区担任 多项重要领导职务。在其任期内，耐克深度参与并见证了大中华区体育、文化及业务发展的多个里程 碑，包括北京奥运会、中国消费者与数字生态的迅速崛起，以及全球疫情期间的挑战与复苏。 在董炜的带领下，耐克通过上海马拉松、耐克高中篮球联赛（CHBL）、ACG崇礼168以及"下站东 单"等标志性品牌活动，持续推动大中华区的运动文化发展。"我们衷心感谢董炜为这一关键市场所作出 的长期贡献，并祝愿她在未来一切顺利。"耐克公司方面表示。 不过，仍要看到的是，耐克在中国市场出现了业绩下滑的情况。在不久前发布的2026财年第二季度 （2025年9—11月）财报中，耐克大中华区营收为14.23亿元，同比下降约17%。其中，直营Nike Direct 下滑18%，其中数字化业务Nike Digital下降36%，Nike自有门 ...

每经记者：孙宇婷 王紫薇 每经编辑：文多 自推行"Win Now"（赢在当下）战略以来，耐克高层变动频繁，这次轮到了大中华区。 1月21日，耐克公司宣布，现任大中华区领导董炜（Angela Dong）将于3月31日正式卸任耐克大中华区 CEO（首席执行官）。让市场颇为意外的是，接棒者不是被外界熟悉的本土面孔，而是从门店店员起 步、拥有25年一线实战经验的凯西·斯帕克斯（Cathy Sparks）。 此次换帅意味深长。自2015年出任大中华区总经理以来，董炜主导了耐克在中国市场从高速扩张到数字 化转型的完整周期，但面对越发激烈的市场竞争，公司清库存速度慢于全球市场的步伐，耐克大中华区 需要的不再是擅长品牌叙事、有着CFO（首席财务官）履历的掌门，而是一位能深入泥泞、整顿渠道、 提升售罄率、让每一家店都更赚钱的"零售特种兵"。 在耐克的全球版图中，大中华区已经不是一个可以容许"慢慢来"的市场。 库存与市场份额承压 一位长期跟踪体育消费行业的分析师在1月21日向《每日经济新闻》记者表示，董炜任内最核心的战 绩，是推动耐克在中国构建了"高度独立的数字化生态"。 公开资料显示，在董炜推动下，耐克大中华区于2016年便着 ...

Core Insights - Nike is facing significant challenges in the current consumer economy, with its stock down 53% over the past five years and a decline in return on equity from 43.1% in 2022 to 23.3% in 2025 [1][2] Financial Performance - The company's quarterly gross profits have been declining since 2023, and despite beating earnings expectations in Q2 of fiscal 2026, the stock price fell 10% following the earnings call due to disappointing revenue from China, which was down 17% year-over-year [1][6] Market Challenges - Nike is impacted by tariffs, expecting to incur $1.5 billion in costs for fiscal year 2026, which will reduce its gross margin by 1.2% [3] - The company is also experiencing declining revenue in China, a crucial market for its future growth [5][7] Consumer Behavior - U.S. consumers are becoming more price-sensitive, with 48% not planning to buy footwear during the 2025 holiday season, and 65% of potential buyers citing tariffs as a reason for increased prices [8][9] Strategic Changes - CEO Elliott Hill, appointed in October 2024, is implementing a turnaround strategy focused on rebuilding relationships with wholesale partners and regaining retail shelf space, moving away from the previous leadership's e-commerce discount strategy [8]

日前，耐克大中华区管理层迎来重大变动。 2026年1月21日，耐克公司宣布，现任大中华区负责人董炜（Angela Dong）将于3月31日正式卸任。距离其升任此职位，仅过去不到15个月。 同时，耐克宣布任命资深高管Cathy Sparks为新任大中华区副总裁兼总经理。 图源：视觉中国 据耐克官方披露，董炜于2005年加入耐克，在2024年10月被提升为耐克大中华区董事长兼CEO，并同时担任ACG品牌全球CEO。 耐克方面表示，在过去二十余年间，董炜在大中华区担任多项重要领导职务。在董炜的带领下，耐克通过上海马拉松、耐克高中篮球联赛 （CHBL）、ACG崇礼168以及"下站东单"等标志性品牌活动，推动了大中华区的运动文化发展。 据时代财经报道，董炜同时也是耐克集团现任总裁兼首席执行官贺雁峰（Elliott Hill）的得力下属。2015年6月，当时担任耐克大中华区首席财务 官的董炜，晋升为集团副总裁兼大中华区总经理，彼时便直接向时任耐克区域及销售总裁的贺雁峰汇报工作。 事实上，这次人事调整的背景是耐克大中华区业绩的持续下滑。 从全球业绩来看，耐克2026财年第二季度总营收为124.27亿美元，同比微增1%，但净 ...

格隆汇1月22日｜投行KEYBANC将耐克目标价从90美元下调至75美元。 ...

Core Insights - Nike is undergoing significant leadership changes in the Greater China region, with Cathy Sparks appointed as the new Vice President and General Manager, effective immediately, to enhance market growth and address competitive challenges [1][2] - The company emphasizes the importance of the Chinese market, which is considered its highest priority, necessitating faster decision-making and execution [2] - Nike's transformation strategy includes the "Win Now" plan and "Sport Offense" strategy, focusing on organizational, channel, and product innovation to adapt to market demands [3] Leadership Changes - Angela Dong, the current Chairman and CEO of Nike Greater China, will step down on March 31, 2026, after nearly 20 years with the company [1] - Cathy Sparks brings 25 years of experience and a strong retail background, having previously led the APLA region, which aligns with Nike's current focus on optimizing channel relationships and restoring trust with distributors [2] Strategic Focus - Nike's strategy includes integrating regional leaders into the global management structure to shorten decision-making chains and enhance responsiveness to local markets [3] - Product innovation is a key component, with the launch of the Nike S.T. Flare basketball shoes designed for local needs and initiatives to incorporate sustainable practices [3] Market Opportunities and Challenges - The running category has shown significant growth, with a 20% increase over two consecutive quarters, indicating strong demand for professional sports equipment [4] - The Chinese sports consumption market is expanding, particularly among younger demographics seeking professional sports gear [4] - Local brands are intensifying competition, with companies like Anta and Li Ning developing advanced technologies and expanding into new segments [4] Channel Strategy - Nike is adjusting its Direct To Consumer (DTC) strategy to address challenges faced since its implementation, including increased costs and reduced revenues for distributors [5] - The company is re-establishing relationships with distributors by improving wholesale discounts and sharing consumer data, which has led to an 8% increase in wholesale revenue in Q2 2025 [5] - Inventory management is also a focus, with a 20% year-over-year reduction in owned inventory to facilitate product iteration [5]

Investment Rating - The report maintains a "Positive" investment rating for the textile, apparel, and luxury goods industry [9]. Core Insights - The current inventory replenishment cycle in the U.S. apparel industry is characterized by weak elasticity due to several factors, including K-shaped consumer spending, misalignment in brand recovery rhythms, and constraints faced by comprehensive sports brands [3][6]. - Despite the transition from inventory destocking to replenishment, the expected rebound in manufacturing performance and market response has not materialized as anticipated [6][19]. - The report forecasts limited replenishment elasticity in the near term, with potential improvements in terminal demand expected after the current interest rate cycle concludes [3][8]. Summary by Sections Introduction - The report discusses the weak momentum in the current manufacturing replenishment cycle, noting that the U.S. apparel industry has transitioned to a phase of active replenishment after reducing inventory to healthy levels since Q1 2023 [6][17]. Analysis of Weak Replenishment Cycle - **Macro Perspective**: U.S. consumer spending is experiencing K-shaped differentiation, where high-income households support overall consumption while lower-income households face suppressed purchasing power and willingness to spend [7][32]. - **Brand Perspective**: The misalignment in recovery rhythms among brands has diluted overall replenishment elasticity, with brands like Adidas and Deckers already undergoing several quarters of replenishment without strong retail catalysts [7][30]. - **Industry Perspective**: The growth potential in the sports category is diminishing due to factors such as slowing penetration rates, reduced technological innovation, and diminishing returns from direct-to-consumer (DTC) strategies [7][30]. Future Replenishment Elasticity Expectations - In the short term, historical inventory cycles suggest that mature brands may experience shorter replenishment periods, while growth-oriented brands could see longer cycles [8][19]. - The report indicates that after the current interest rate cycle, retail demand may improve, leading to a more resilient growth trajectory for top brands transitioning into replenishment phases [8][19]. - Recommended stocks include Crystal International and Shenzhou International, with a focus on companies like Wah Lee and Yue Yuen [8][19].

Core Viewpoint - Nike is undergoing significant leadership changes in the Greater China region, with Angela Dong stepping down and Cathy Sparks appointed as the new Vice President and General Manager, reflecting a strategic shift amidst challenging market conditions [1][2][3]. Leadership Changes - Angela Dong will officially resign on March 31, after over 20 years with Nike, during which she played a crucial role in the company's engagement with the Chinese market [1]. - Cathy Sparks, who has 25 years of experience at Nike, will take over as the new leader for the Greater China region, although she has limited experience in this specific market [2]. Financial Performance - Nike's financial results for the second quarter of fiscal year 2026 showed revenues of $12.427 billion, a 1% year-over-year increase, but a 32% decline in net profit to $792 million [3]. - The Greater China region reported revenues of $1.423 billion, a 17% decrease year-over-year, with a 49% drop in EBIT, indicating significant performance challenges [3]. Strategic Initiatives - Nike is committed to optimizing operations in China, viewing it as a market with long-term potential, and plans to accelerate actions under the 'Win Now' strategy, which includes team restructuring and product optimization [4]. - The company aims to enhance its connection with consumers and innovate around athlete-centered products as part of its strategic vision moving forward [4].

南都·湾财社记者注意到，此次人事变动发生于耐克大中华区业绩持续承压的背景之下。公司最新财报显示，截至2025年11月30日的2026财年第二季度， 耐克大中华区营收同比下滑17%，息税前利润（EBIT）则大幅减少49%。这一业绩与耐克总裁兼首席执行官贺雁峰（Elliott Hill）此前"大中华区是优先事 项清单首位，需要加快行动步伐"的表态形成对照，市场普遍将此次换帅解读为耐克总部为扭转中国市场颓势而采取的关键举措。 本文自南都·湾财社 采写 | 南都·湾财社记者 孙阳 编辑 | 柴华 1月21日，耐克公司公告称，现任大中华区董事长兼CEO董炜（Angela Dong）将于3月31日卸任。其职位将由在耐克拥有25年零售经验的凯茜·斯帕克斯 （Cathy Sparks）接替。 然而，官方的赞誉与市场业绩形成了鲜明反差。根据最新财报，在截至2025年11月30日的2026财年第二季度，耐克大中华区营收同比下降17%，其中数字 业务下滑36%，批发业务下降15%，EBIT（息税前利润）降幅达49%。 这一数字，对于曾常年以"最亮眼增长引擎"形象出现在财报中的大中华区而言，无疑向耐克全球总部拉响了警报。耐克首席执行 ...

Core Insights - Nike's patience with the recovery of the Chinese market appears to be diminishing as evidenced by the recent leadership changes and declining revenue figures [1][4][8] Group 1: Leadership Changes - Nike announced the departure of Dong Wei, the Chairman and CEO of Greater China, effective March 31, after over 20 years with the company [1] - Cathy Sparks, a veteran with over 25 years at Nike, has been appointed as the new Vice President and General Manager for Greater China [1][10] - The leadership transition is seen as a strategic move to revitalize the struggling Greater China market [7][10] Group 2: Financial Performance - In the fourth quarter of fiscal year 2025, Nike's Greater China revenue was $1.48 billion, a significant decline of 21% year-over-year [4] - The previous quarter also saw a revenue drop of 15%, indicating a troubling trend for the region [4][8] - In contrast, other regions like North America and the Middle East and North Africa are showing signs of recovery, highlighting the disparity in performance [6][8] Group 3: Strategic Focus - Nike's new CEO, Elliott Hill, has implemented the "Win Now" growth plan, which has started to yield results in other markets but has not yet addressed the issues in Greater China [8][10] - The company is shifting its focus back to sports categories, simplifying its structure to enhance investment in specific sports segments [14][16] - The competitive landscape in China is intensifying, with both international and domestic brands posing significant challenges to Nike's market share [18][19] Group 4: Market Dynamics - The Chinese sportswear market is characterized by fierce competition from emerging high-end brands and established rivals like Adidas and local brands such as Anta and Li Ning [18][19] - The trend towards niche sports brands is becoming more pronounced, suggesting that Nike may need to adapt its strategy to remain competitive [20][22] - The overall global sports footwear market is expected to see slow growth, with a current penetration rate of 60% for athletic shoes, indicating a saturated market [21]