（原标题：更"懂"中国的耐克，要发力了） 作者 | 谢芸子 编辑 | 张帆 进入2026年以来，耐克大中华区动作频频。 首先是高层的人事变动，现任大中华区负责人董炜将于3月31日正式卸任。同时，耐克宣布任命Cathy Sparks为新任大中华区副总裁兼总经理。 董炜于2005年加入耐克，深度参与并见证了大中华区业务发展的多个阶段，其中包括北京奥运会，以及 疫情这一"黑天鹅"事件带来的挑战。 在其任期内，耐克通过上海马拉松、耐克高中篮球联赛、ACG崇礼168等标志性活动，持续推进中国市 场的运动文化发展。 只不过，大中华区近期的业绩表现不那么"如人意"。尽管从整体的财报表现看，这家老牌体育用品集团 正缓慢复苏，逐步摆脱整个行业的下行周期、与近年来的业绩颓势。 耐克的业绩不振始于2022财年，其原因多被归结为DTC策略的受挫、产品创新节奏的变慢，以及在新锐 品牌强势崛起的同时，整个集团更多偏向潮流时尚、对体育市场失焦。 2025财年（2024年6月至2025年5月），耐克全年营收进一步下降至463亿美元，大中华区成为全球跌幅 最大市场，营收下降13%。 耐克营收表现，36氪根据财报数据制图 同年10月，已到退休之 ...

Core Insights - Nike's Greater China region has seen significant leadership changes, with current head Dong Wei set to step down on March 31, 2026, and Cathy Sparks appointed as the new Vice President and General Manager [1] - The company's performance in Greater China has been disappointing, with a 13% revenue decline in fiscal year 2025, marking it as the largest market decline globally [1] - Nike's overall revenue for fiscal year 2025 dropped to $46.3 billion, attributed to challenges in its Direct-to-Consumer (DTC) strategy and increased competition from emerging brands [1] Leadership Changes - Dong Wei has been with Nike since 2005, playing a crucial role in the company's development in China, including during significant events like the Beijing Olympics [1] - Elliott Hill, a veteran at Nike, has taken over as CEO and initiated the "Win Now" transformation plan, focusing on core sports and optimizing inventory [3] Strategic Initiatives - The "Win Now" plan includes a renewed focus on sports, inventory optimization, and reducing discounts to improve margins [3] - The company has re-established relationships with traditional retailers like Footlocker and JD Sport, enhancing their profitability [3] - In March 2025, Hill introduced the "Sport Offense" strategy, emphasizing a return to core sports categories such as running, basketball, and soccer [3] Financial Performance - In Q1 of fiscal year 2026, Nike's wholesale channel showed a 7% year-over-year growth, contributing to overall revenue growth, while inventory decreased by 1.68% to $8.114 billion [4] - Net profit for Q2 of fiscal year 2026 rose from $211 million in Q4 of fiscal year 2025 to $792 million, indicating improved sales efficiency [4] Regional Performance - North America saw a significant performance increase in Q2 of fiscal year 2026, with revenues reaching $5.633 billion, a 12.2% quarter-over-quarter increase and an 8.77% year-over-year increase [6] - The main brand's revenue in North America grew by 1% to $12.1 billion, although this was offset by declines in Greater China and APLA regions [7] Market Focus - Nike remains committed to the Greater China market, with Hill emphasizing its long-term potential and ongoing optimization of local operations [9] - The company has integrated its innovation and design teams for Nike, Jordan, and Converse to enhance collaboration and focus on three core metrics: innovation capability, market ecosystem restructuring, and structural adjustments in China [9] Product Strategy - Nike has relaunched its ACG (All Conditions Gear) brand, focusing on outdoor performance and targeting the competitive outdoor market in China [10] - The new ACG flagship store in Beijing is seen as a strategic move to capture the growing outdoor consumer market [10] Market Dynamics - The outdoor market in China is highly competitive, with brands like Anta and Li Ning also expanding their presence [12] - Nike's ACG brand aims to differentiate itself through specialized offerings in trail running and performance outdoor gear [12] Advertising and Brand Image - Nike has recently released advertisements aimed at reconnecting with its brand identity, indicating a desire to regain its previous marketing prowess [12] - The company acknowledges that the recovery process will not be linear, but the logic of collaborative growth is beginning to materialize [13]