Core Viewpoint - Nike is undergoing significant leadership changes in response to declining performance in the Greater China region, indicating a need for revitalization and reconnection with the market [3][4]. Financial Performance - In Q2 of FY2026 (September-November 2025), Nike reported total revenue of $12.43 billion, a 1% year-over-year increase, but revenue from Greater China fell 17% to $1.423 billion, with EBIT dropping 49% [4]. - For FY2024, Greater China revenue was $7.545 billion, which decreased to $6.585 billion in FY2025, marking a 12.7% decline and a 20.6% drop from the peak of $8.290 billion in FY2021 [6]. - The decline in Greater China revenue has persisted for five consecutive quarters, with the year-over-year decline worsening from 10% to 17% [6]. Market Share and Competition - Nike's market share in China decreased from 18.1% in 2021 to 16.2% in 2024, while domestic brands like Anta and Li Ning have increased their market shares [9]. - Anta's revenue grew 14.3% to approximately $58.544 billion in the first half of 2025, while Nike's revenue in the same period fell by 13.5% [9]. - Domestic brands are not only closing the revenue gap but also showing resilience in profitability, contrasting with Nike's declining operating profits [9]. Consumer Sentiment and Brand Image - Nike faces a high volume of consumer complaints, particularly regarding product quality and after-sales service, with 39,939 complaints reported, significantly higher than competitors [11]. - Issues such as product defects and poor customer service have led to a deterioration of Nike's brand image, which was previously built on high quality and premium pricing [12]. - The rise of domestic brands has shifted consumer perception, as they offer comparable quality at lower prices, undermining Nike's traditional value proposition [14][15]. Strategic Missteps - Analysts suggest that Nike's failure to adapt to changing consumer preferences for value, cultural relevance, and personalization has contributed to its decline in the Chinese market [14]. - The company's reliance on a global marketing strategy without sufficient localization has resulted in a loss of appeal among younger consumers [14]. - Domestic brands have successfully leveraged local cultural elements and consumer insights, creating a new paradigm that emphasizes quality, design, and price advantages [14].

Core Viewpoint - Nike is undergoing significant leadership changes in response to declining performance in the Greater China region, indicating a critical need for revitalization and reconnection with the market [3][14]. Financial Performance - Nike's total revenue for Q2 of FY2026 was $12.43 billion (approximately ¥87.51 billion), showing a year-on-year growth of 1%, while revenue from Greater China fell by 17% to $1.423 billion (approximately ¥10.02 billion), with EBIT dropping by 49% [3][14]. - The annual revenue for Nike in Greater China has been declining for two consecutive years, with FY2024 revenue at $7.545 billion and FY2025 revenue dropping to $6.585 billion, a year-on-year decrease of 12.7% [4][15]. - The decline in Greater China revenue has continued for five consecutive quarters, with the year-on-year drop increasing from 10% in Q1 to 17% in Q2 of FY2026 [4][16]. Market Share and Competition - Nike's market share in China decreased from 18.1% in 2021 to 16.2% in 2024, while domestic brands like Anta and Li Ning have increased their market shares [7][19]. - Anta's market share rose from 9.8% in 2021 to 10.5% in 2024, and Li Ning's share increased from 9.3% to 9.4% during the same period, while Adidas' share fell from 15% to 8.7% [7][19]. - In the first half of 2025, Anta's revenue grew by 14.3% to ¥38.544 billion, while Nike's revenue in Greater China fell by 13.5% to approximately ¥24.9 billion [7][19]. Consumer Sentiment and Brand Image - Nike faces a high volume of consumer complaints, with 39,939 complaints reported on the Black Cat Complaints platform, significantly higher than competitors like Adidas and Anta [9][21]. - Complaints primarily focus on product quality and after-sales service issues, including shoe defects and inadequate customer support [9][21]. - The frequent quality control issues have eroded Nike's long-standing "high-end quality" brand image, as consumers increasingly compare Nike products with those of domestic brands that offer similar quality at lower prices [10][22]. Strategic Missteps - Analysts suggest that Nike's failure to adapt to changing consumer preferences for value, cultural identity, and personalization has led to its decline in the Chinese market [11][23]. - Domestic brands have successfully captured market share by aligning with local consumer aesthetics and improving product quality, while Nike has maintained a rigid global marketing strategy [12][24].

记者丨贺泓源 编辑丨高梦阳 在市场波动中，耐克大中华区换帅。 2026年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。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 。 对于董炜的职业成就，耐克给出了高度评价。 "在过去二十余年间，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。"该公司提到。 需要注意的是，相对董炜，继任者Cathy在华经验看起来相对有限。 据耐克介绍，Cathy拥有25年耐克工作经验，从波特兰Niketown门店的零售岗位开启职业生 涯，随后在全球多个市场担任重要领导职务。她此前担任耐克亚太及拉美区(APLA）副总裁兼 总经理，在推动业务转型与增长方面拥有经验。 "Cathy对运动文化有着深刻洞察，将带领耐克大中华 ...

Group 1 - Nike announced the resignation of Angela Dong, the current head of Greater China, effective March 31, with Cathy Sparks appointed as the new Vice President and General Manager for the region [2] - Cathy Sparks has been with Nike for 25 years, starting her career in retail at the Niketown store in Portland and holding significant leadership roles in various global markets [2] - Alongside the leadership change in Greater China, there were also executive changes in the EMEA and APLA regions, with Crissy taking on the interim role in APLA and César Garcia replacing Carl Grebert in EMEA [2] Group 2 - Angela Dong joined Nike China in 2005 and has played a crucial role in formulating the vision and growth strategies for the Greater China region, previously serving as Global Vice President and General Manager [3] - Nike's financial performance has faced challenges, particularly in the Chinese market, with Q2 fiscal year 2026 revenue reported at $12.427 billion, a 1% year-over-year increase, while gross margin decreased by 300 basis points to 40.6% due to higher tariffs in North America [3] - The revenue in the Greater China region decreased by 13% year-over-year, with EBITDA declining by 35%, marking the largest drop among all markets [4]

Core Viewpoint - Nike is undergoing a leadership change in its Greater China region, with Angela Dong stepping down and Cathy Sparks appointed as the new Vice President and General Manager, amid declining sales and increasing competition in the Chinese sports market [1][2][4]. Group 1: Leadership Change - Angela Dong will officially resign on March 31, 2026, after over 20 years in various leadership roles in Greater China, during which Nike witnessed significant milestones in the region [1]. - Cathy Sparks, with 25 years of experience at Nike, previously served as Vice President and General Manager for the Asia Pacific and Latin America region, and is expected to deepen consumer connections in Greater China [2][11]. Group 2: Performance Challenges - Nike's sales in Greater China fell by 16% year-on-year to $1.423 billion for the latest fiscal quarter ending November 2025, with EBIT down 49% [4]. - Direct sales dropped 18%, with digital sales down 36% and store sales down 5%, while wholesale business declined by 15% [4]. - The decline is attributed to decreased store traffic, weak seasonal product sales, and high inventory levels, leading to a perception of the brand as a discount label [4]. Group 3: Market Dynamics - The Chinese sports market is becoming increasingly competitive, with a decline in consumer spending willingness, as indicated by a drop in the percentage of consumers inclined to spend more from 23.3% in Q2 2025 to 19.2% in Q3 2025 [4]. - Other major brands like Anta and Li Ning are also facing growth pressures, with Anta's sales showing low single-digit declines [5]. Group 4: Strategic Adjustments - Nike is focusing on upgrading key stores, with a notable 25% sales increase in upgraded product categories at specific locations [8]. - The company is reducing spring product distribution and cutting summer product purchases to improve sales rates and full-price sales ratios [9]. - Recent marketing efforts include signing popular figures like G.E.M. and launching impactful advertising campaigns [9]. Group 5: Future Outlook - The leadership change raises questions about potential shifts in Nike's operational strategy in China, especially as North America shows a 9% sales increase [11]. - Cathy Sparks' global experience may help integrate resources across regions, but the unique challenges of the Chinese market require localized strategies [12].

Core Viewpoint - Nike is undergoing a leadership change in its Greater China region, with Angela Dong stepping down and Cathy Sparks appointed as the new Vice President and General Manager, amid declining sales and increasing competition in the Chinese sports market [2][6][15]. Group 1: Leadership Change - Angela Dong will officially resign on March 31, 2026, after over 20 years in various leadership roles in Greater China, during which Nike witnessed significant milestones in the region [3][5]. - Cathy Sparks, with 25 years of experience at Nike, previously served as Vice President and General Manager for the Asia Pacific and Latin America regions, and is expected to deepen consumer connections in Greater China [4][16]. Group 2: Performance Challenges - Nike's sales in Greater China fell by 16% year-on-year to $1.423 billion for the latest fiscal quarter ending November 2025, with EBIT down 49% [6]. - Direct sales dropped 18%, with digital sales down 36% and store sales down 5%, while wholesale business decreased by 15% [6]. Group 3: Market Dynamics - The Chinese sports market is becoming increasingly competitive, with a decline in consumer spending willingness, as indicated by a drop in the percentage of consumers inclined to spend more from 23.3% in Q2 2025 to 19.2% in Q3 2025 [8]. - Major competitors like Anta and Li Ning are also facing growth pressures, with Anta's sales showing low single-digit declines [9]. Group 4: Strategic Adjustments - Nike is implementing store upgrades and reducing inventory, with a 20% decrease in total inventory compared to the previous year, and plans to expand successful upgrade models to more stores [12][13]. - The company is adjusting its spring product distribution and cutting summer product purchases to improve sales rates and full-price sales ratios [13]. Group 5: Future Outlook - The leadership change raises questions about potential shifts in Nike's operational strategy in China, especially as the North American market shows signs of recovery with a 9% sales increase [16]. - Cathy Sparks' global experience may help integrate resources across regions, but she will face challenges from strong local brands and the need for more localized strategies [17][18].

Group 1: Leadership Changes - Angela Dong, the current head of Nike Greater China, will officially step down on March 31, with Cathy Sparks appointed as the new Vice President and General Manager for the region [2] - Cathy Sparks has been with Nike for 25 years, starting her career in retail at the Niketown store in Portland and holding significant leadership roles in various global markets [2] - Other executive changes include Crissy taking over as interim Vice President and General Manager for the APLA region, and César Garcia replacing Carl Grebert as Vice President and General Manager for EMEA [2] Group 2: Financial Performance - Nike's financial performance has faced challenges, particularly in the Chinese market, with Q2 revenue for fiscal year 2026 reported at $12.427 billion, a 1% year-over-year increase [3] - Gross margin decreased by 300 basis points to 40.6%, primarily due to higher tariffs in North America [3] - Net profit fell by 32% to $792 million, with earnings per share at $0.53 [3] - Revenue in the Greater China region decreased by 13%, with EBIT declining by 35%, marking the largest drop among all markets [3] Group 3: Strategic Initiatives - Nike's President and CEO Elliott Hill stated that the recovery process is entering a critical phase, with confidence in initiatives aimed at long-term growth and profitability [3] - The "Win Now" strategy will continue to accelerate actions in fiscal year 2026, focusing on team restructuring, strengthening partnerships, optimizing product mix, and enhancing competitive positioning in the market [3] - Under Hill's leadership, Nike is shifting focus from direct-to-consumer channels back to wholesale, restructuring to concentrate on sports, and reducing discount promotions to improve gross margins [3]

Group 1 - Nike announced the resignation of Angela Dong as the head of Greater China, effective March 31, with Cathy Sparks appointed as the new Vice President and General Manager for the region [1] - Angela Dong joined Nike in 2005 and has held various leadership roles, including Global Vice President and General Manager for Greater China, and was promoted to Chairman and CEO for the region in October 2024 [1] - Cathy Sparks has been with Nike for 25 years, starting her career in retail at the Niketown store in Portland, and has held significant leadership positions in various global markets [1] Group 2 - Nike's transformation is entering a critical phase, with executives indicating that Greater China is still facing inventory clearance pressures [2] - The recent personnel changes align with Nike's global "Win Now" initiative, with the appointment of Cathy Sparks signaling a focus on channel optimization and recovery in terminal sales for Greater China [2] - Four regional heads, including the one for Greater China, will now report directly to the global CEO to accelerate the "Win Now" plan [2]

（原标题：增长模型失灵，耐克为何选择一位"零售派"高管接管中国） 北京时间 1 月 21 日，耐克公司宣布，其现任大中华区领导董炜（Angela Dong）女士将于 3 月 31 日正 式卸任。同时，耐克任命拥有 25 年以上资历的资深高管 Cathy Sparks 为新任耐克大中华区副总裁兼总 经理。这一人事调整，正值耐克试图扭转其在中国市场持续下滑的关键节点，被外界视为公司对大中华 区战略的一次重要"重置"。 从这一任命不难看出，耐克正试图通过更强的零售与消费者运营能力，回应中国市场的深层变化。相比 过去依赖规模扩张和渠道铺设的增长模式，如今的中国运动消费市场更强调产品差异化、文化认同以及 线下体验与数字触点的精细化运营。Cathy 所代表的，并非简单的"换人"，而是一种更偏向前端、执行 与体验导向的管理逻辑。 这同样与耐克集团层面的战略重心调整相呼应。自埃利奥特·希尔（Elliott Hill）履新耐克首席执行官以 来，公司已多次强调中国市场的重要性。去年 12 月，希尔明确表示，大中华区已被提升至耐克全球战 略优先级首位，并要求加快相关举措的落地节奏。此次在关键市场引入一位以零售转型和消费者增长见 长 ...

新浪科技讯 1月21日上午消息，耐克公司今日宣布，现任大中华区领导董炜（Angela Dong）女士将于3 月31日正式卸任。同时，耐克宣布任命Cathy Sparks女士为新任耐克大中华区副总裁兼总经理。 责任编辑：杨赐 耐克表示：我们衷心感谢董炜女士凭借卓越的战略视野、深厚的市场洞察和领导力，为这一关键市场所 做出的长期贡献，并祝愿她在未来一切顺利。 责任编辑：杨赐 新浪科技讯 1月21日上午消息，耐克公司今日宣布，现任大中华区领导董炜（Angela Dong）女士将于3 月31日正式卸任。同时，耐克宣布任命Cathy Sparks女士为新任耐克大中华区副总裁兼总经理。 据悉，董炜于2005年加入耐克，在耐克工作超过二十年，并在大中华区担任多项重要领导职务，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。 耐克表示：我们衷心感谢董炜女士凭借卓越的战略视野、深厚的市场洞察和领导力，为这一关键市场所 做出的长期贡献，并祝愿她在未来一切顺利。 据悉，董炜于2005年加入耐克，在耐克工作超过二十年，并在大中华区 ...