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]

Group 1 - The U.S. stock market saw collective gains with the Dow Jones up by 1.21%, Nasdaq by 1.18%, and S&P 500 by 1.16% [4] - Notable increases in storage stocks, with SanDisk rising over 10% and a year-to-date increase of over 111% [4] - International oil prices experienced slight increases, with light crude oil futures up by 0.43% to $60.62 per barrel and Brent crude up by 0.49% to $65.24 per barrel [4] Group 2 - The Chinese government announced a temporary exemption from personal income tax on capital gains from the transfer of CDRs for individual investors from January 1, 2026, to December 31, 2027 [6] - The Ministry of Industry and Information Technology emphasized the need for a safety monitoring platform for the operation of new energy vehicles [7] - The Ministry of Housing and Urban-Rural Development plans to promote smart construction and new building methods during the 14th Five-Year Plan period [8] Group 3 - The People's Bank of China called for accelerated construction of a cross-border payment system to enhance connectivity in cross-border payments [9] - The State Financial Supervision Administration released new regulations on administrative licensing procedures to improve the efficiency and standardization of financial regulatory processes [8] Group 4 - Longfor Group responded to rumors about splitting its global telecommunications business for independent listing, stating no decisions have been made [13] - Temu's Turkish office faced a dawn raid, marking a second incident in Europe within a month, raising concerns about compliance risks for cross-border e-commerce [15] - Pinduoduo was fined 100,000 yuan for failing to report tax information as required, highlighting regulatory scrutiny in the e-commerce sector [17] Group 5 - Nike announced a leadership change in its Greater China region, with Angela Dong set to step down and Cathy Sparks appointed as the new vice president and general manager [22] - New Oriental launched a "retirement club" aimed at engaging retirees in educational and social activities, reflecting a trend in elder education and wellness [24] - Zhipu AI announced a temporary limit on the sale of its GLM Coding Plan due to increased demand and resource constraints [26]

Leadership Changes - Nike's leadership changes are part of ongoing turnaround efforts under CEO Elliott Hill, who has elevated regional leaders to the senior team [2][4] - The leadership team has seen significant changes since Hill became CEO in 2024, including the retirement of several longtime executives, but the new team consists mainly of Nike veterans [3][4] Organizational Restructuring - Nike has eliminated the roles of chief technology officer and chief commercial officer, with the Chief Supply Chain Officer taking on the additional responsibilities of chief operating officer [4] - The company is reorganizing its regional senior leadership team, with key exits including Carl Grebert and Angela Dong, and new appointments such as César Garcia and Cathy Sparks [6] Financial Performance - In the second quarter, Nike's revenues increased by 1% year over year to $12.4 billion, primarily driven by growth in North America [5] - The company continues to face challenges in Greater China, which experienced a 17% decline in revenue during the same quarter, indicating a slower turnaround expected in that region [5]

Core Viewpoint - Nike is undergoing significant management changes in its Greater China region, reflecting a strategic restructuring in response to declining performance in the market [1][2]. Group 1: Management Changes - Nike announced the appointment of Cathy Sparks as the new Vice President and General Manager for Greater China, succeeding Angela Dong, who will officially step down on March 31 [1]. - Angela Dong has been a key figure in Nike's local growth since joining in 2005, leading various brand initiatives that resonate with local sports culture [1]. - The management reshuffle comes less than a year and a half after Dong was promoted to Chairman and CEO of Greater China, indicating a potential shift in Nike's strategy for the region [1]. Group 2: Financial Performance - For the second quarter of fiscal year 2026, Nike reported total revenue of $12.427 billion, a slight increase of 1% year-over-year, but net profit fell significantly by 32% to $0.792 billion [2]. - The Greater China market faced the most severe challenges, with revenue dropping to $1.423 billion, a substantial decline of 17%, and EBIT (Earnings Before Interest and Taxes) plummeting by 49% [2]. - This marks the fifth consecutive quarter of year-over-year revenue decline for Nike in the Greater China region [2]. Group 3: Market Competition - In contrast to Nike's declining performance, domestic brands are gaining market share; Nike's market share in China decreased from 18.1% in 2021 to 16.2% in 2024 [3]. - Anta's market share increased from 9.8% to 10.5%, while Li Ning's share rose slightly from 9.3% to 9.4%, positioning them as the second and third largest brands, respectively [3]. - Adidas also saw a decline in market share from 15% to 8.7%, being surpassed by local brands [3]. Group 4: New Leadership Profile - Cathy Sparks, the new head of Nike China, has 25 years of experience with the company and has a background in retail, having started from a store position [3]. - Her experience in driving business transformation in the Asia-Pacific and Latin America regions may be seen as a strategic move by Nike to revitalize its approach in the Chinese market [3].

2026.01. 21 本文字数：1799，阅读时长大约3分钟 作者 | 第一财经 刘晓颖 当地时间12月18日，耐克公布的截至2025年11月30日的2026财年第二季度财务业绩显示，当季营收为124.27亿美元，同比增长1%；毛利率同比下 降300个基点至40.6%；净利润为7.92亿美元，同比下降32%。其中，大中华区业绩大幅下跌引起外界关注。报告期内，耐克大中华区营收同比重挫 17%至14.23亿美元，息税前利润大幅缩水49%，几乎腰斩。而业绩发布后的12月19日，耐克股价在开盘后一路下挫，最终收跌 10.54%，创下年度单 日最大跌幅，市值一日之内蒸发102.29亿美元（约人民币720亿元）。 耐克在宣布大中华区一把手将卸任的消息后也同时安排了接任者。新任命的Cathy Sparks在耐克任职达25年，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。 对于总部安排至中国的高层缺少中国市场的管理经验，有市场观点表示不乐观，认为外来的和尚不了解本土市场，但也有观点认为，这对于耐克的内部革 新或是一件好事情。 ...

Core Viewpoint - Nike is undergoing significant leadership changes in its Greater China region due to ongoing revenue declines, with the appointment of Cathy Sparks as the new Vice President and General Manager to address these challenges [2][6]. Group 1: Revenue Decline - The Greater China region has experienced six consecutive quarters of revenue decline, with a 13% year-over-year drop in fiscal year 2025, resulting in revenues of $6.586 billion, making it Nike's worst-performing global market [2]. - In the second quarter of fiscal year 2026, revenues in the Greater China region fell by 17%, with a 49% year-over-year drop in earnings before interest and taxes [3]. Group 2: Inventory and Discount Issues - Nike is facing a vicious cycle of high inventory and discounting, with total inventory at $7.5 billion at the end of fiscal year 2025, while the overall gross margin decreased to 42.7%, down 1.9 percentage points [3]. - The frequent discount promotions are eroding brand profits, leading to a decline in direct-to-consumer (DTC) sales, with a 36% drop in digital business revenue and an 18% decline in direct sales [3]. Group 3: Market Competition and Brand Perception - Analysts suggest that Nike's product technology and quality are losing appeal in the competitive Chinese market, where local brands are gaining consumer preference [4]. - The shift in consumer preferences towards local culture and brands is impacting Nike's market position, as its digital marketing strategies are not as agile as those of local competitors [4]. Group 4: Leadership and Strategic Focus - Angela Dong, who has led the Greater China region since 2015, emphasized "fashion, digitalization, and localization" as key strategies, but the effectiveness of these strategies is now being questioned [5]. - Cathy Sparks' experience in DTC operations and her previous roles in various global markets are seen as crucial for addressing the current challenges in the Greater China region [6].

据官网介绍，董炜于2005年加入耐克，还曾担任耐克大中华区副总裁、首席财务官兼区域总经理，并担 任耐克大中国区副总裁兼首席财务官。另外，她还担任ACG品牌全球CEO。在加入耐克之前，曾在可 口可乐中国和宝洁公司担任管理职位。 随着董炜离任，耐克将在大中华市场迎来新将CathySparks。据了解，CathySparks拥有25年的耐克工作 经验，她从波特兰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卓越表现。 耐克认为，CathySparks对运动文化有着深刻洞察，将带领耐克大中华区团队继续深化与消费者的连 接。 本报讯(记者李静) 1月21日，耐克宣布，现任大中华区董事长兼CEO董炜(AngelaDong)女士将于3月31日正式卸任。同日， 耐克宣布任命CathySparks女士为新任耐克大中华区副总裁兼总经理。 ...

Core Viewpoint - Tech investor Dan Niles anticipates a volatile market in 2026, with a strong first half driven by "easy money" and a challenging second half due to inflation and political instability [2][3]. Tech Plays: Apple, Cisco, Impinj - Niles is optimistic about Apple, predicting a significant upgrade cycle with the launch of an AI-enabled Siri and a foldable iPhone, which he believes will revitalize its growth [4]. - Cisco Systems is viewed as a value play in AI infrastructure, expected to benefit from post-COVID upgrades in enterprise networks, trading at a discount compared to the S&P 500 [5]. - IMPINJ Inc. is identified as a leader in RFID technology, poised for expansion into the food and grocery market as chip costs decrease, with major adopters like Walmart [6]. Betting On Turnarounds: Boeing And Nike - Boeing is highlighted for its recent regulatory clearance to self-certify planes, which is expected to boost shipment volumes and generate significant free cash flow [7]. - Nike is seen as a prime buying opportunity due to its decade-low valuation and a new "back to basics" strategy under CEO Elliott Hill, with North American revenues already recovering [8].