对lululemon来说，最近并不太平。 创始人奇普・威尔逊对内发起董事会改组，在外以美洲为首的部分市场连续多个季度表现疲软。财报显示，在2025财年第三季，lululemon在美洲市场净 营收同比下降2%至17亿美元，占总营收的68%。 值得庆幸的是，lululemon在中国市场仍在稳步增长。2025 财年第三季度，中国市场净营收同比增长46%至4.65亿美元，可比销售额同比增长24%，中国已 成为lululemon全球第二大市场。 lululemon在中国的高光表现，也吸引了更多竞争者加速入局。 近期，安踏集团旗下女性运动品牌MAIA ACTIVE迎来关键人事调整。据其他媒体报道，2026年起，该品牌的直接汇报对象将变更为安踏集团董事局主席 丁世忠之子、迪桑特中国董事长丁少翔，此前其直接汇报人是安踏集团专业运动群首席执行官徐阳。 这一调整被业内解读为安踏加码女性瑜伽赛道的信号，《凤凰WEEKLY财经》向安踏求证相关信息，发稿前未获回应。 lululemon在国际市场上的老对手、美国高端瑜伽服品牌Alo Yoga（简称Alo）已有入华计划，将于2026年第二季度在上海、北京同步开出首批门店。 国内高端女性运 ...

Investment Rating - The textile and apparel industry is rated as "Neutral" for the upcoming period, indicating that the industry is expected to perform in line with the overall market [9]. Core Insights - The report highlights a divergence in performance within the textile and apparel sector, with high-end outdoor and niche sports brands showing strong potential despite an overall slowdown in demand [3]. - Domestic retail sales for clothing and textiles reached 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2%, with a notable slowdown in December due to warmer winter temperatures [3]. - Export figures for the textile and apparel sector showed a decline, with total exports amounting to 293.8 billion USD, down 2.6% year-on-year, indicating a shift in supply chain dynamics towards countries like Vietnam [3]. Summary by Sections Domestic Demand - Retail sales for clothing and textiles in China reached 1.52 trillion yuan in 2025, with growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [3]. - The warmer winter led to a slowdown in winter clothing sales, impacting overall performance [3]. International Demand - Textile and apparel exports totaled 293.8 billion USD in 2025, with textiles at 142.6 billion USD (up 0.4%) and apparel at 151.2 billion USD (down 5.2%) [3]. - Vietnam's textile exports grew by 7.0%, indicating a shift in orders due to tariff policies affecting different production regions [3]. Brand Performance - High-end outdoor brands and niche sports brands are expected to maintain strong growth, while traditional brands like Anta and Li Ning are projected to see varied performance, with Anta's revenue expected to decline slightly [3]. - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in profitability due to prior adjustments [3]. Home Textiles - Companies like Luolai and Water Mercury are expected to perform steadily, while Fuanna is still in a destocking phase [3]. Non-woven Fabric Industry - The non-woven fabric sector is anticipated to benefit from quality upgrades and expanding demand, with companies like Nuo Bang and Yan Jiang expected to see significant revenue growth [3]. Textile Manufacturing - The report notes that the performance of the sports manufacturing chain is under pressure due to fluctuations in brand orders, but the Australian wool industry is expected to see a rebound in demand and pricing [3]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [3].

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。 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，同时任命 Cathy Sparks为新任耐克大中华区副总裁兼总经理。 公开信息显示，董炜于2005年加入耐克中国，担任财务总监。凭借出色的财务分析 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The main brand of the company is experiencing short-term revenue pressure, but the mid-term outlook remains positive due to the company's multi-brand international competitiveness [2][9] - The company has adjusted its earnings forecasts slightly downward for the main brand's revenue growth over the next three years, while also increasing the sales and management expense ratios for 2026 and 2027 [10] - The target price is set at 113.00 HKD, based on a 20x PE valuation for 2026 [3][10] Financial Performance Summary - Revenue (in million RMB): - 2023A: 62,356 - 2024A: 70,826 - 2025E: 78,495 - 2026E: 85,296 - 2027E: 92,805 - Year-on-Year Growth (%): 16.2%, 13.6%, 10.8%, 8.7%, 8.8% [4] - Operating Profit (in million RMB): - 2023A: 15,367 - 2024A: 16,595 - 2025E: 18,116 - 2026E: 19,321 - 2027E: 21,369 - Year-on-Year Growth (%): 36.8%, 8.0%, 9.2%, 6.6%, 10.6% [4] - Net Profit Attributable to Parent Company (in million RMB): - 2023A: 10,236 - 2024A: 15,596 - 2025E: 13,177 - 2026E: 14,231 - 2027E: 15,931 - Year-on-Year Growth (%): 34.9%, 52.4%, -15.5%, 8.0%, 11.9% [4] - Earnings Per Share (in RMB): - 2023A: 3.66 - 2024A: 5.58 - 2025E: 4.71 - 2026E: 5.09 - 2027E: 5.70 [4] - Gross Margin (%): - 2023A: 62.6% - 2024A: 62.2% - 2025E: 61.9% - 2026E: 62.2% - 2027E: 62.5% [4] - Net Margin (%): - 2023A: 16.4% - 2024A: 22.0% - 2025E: 16.8% - 2026E: 16.7% - 2027E: 17.2% [4] - Return on Equity (%): - 2023A: 18.3% - 2024A: 23.4% - 2025E: 17.3% - 2026E: 16.5% - 2027E: 16.2% [4]

正处于转型期的耐克，在最新披露的2026财年第二季度财报时表示，公司复苏进程已进入关键阶段。在 持续推进"Win Now"计划的同时，耐克在过去一段时间还进行了组织架构的调整、供应链与库存管理系 统的优化等举措。其中，组织架构调整方面，耐克将大中华区等四大关键地理市场的负责人直接纳入集 团最高领导层，以确保"Win Now"计划能够更快速、更精准地在各区域市场转化为执行方案。 校对 王心 新京报贝壳财经讯（记者王真真）1月21日，耐克公司宣布，现任大中华区负责人董炜将于3月31日正式 卸任。同时，耐克任命Cathy Sparks为新任耐克大中华区副总裁兼总经理。 耐克公司总裁兼首席执行官贺雁峰（Elliott Hill）在相关公告中表示，APLA是耐克最复杂的地区之一， 在那里Cathy Sparks推动了市场转型和消费者主导的增长。目前大中华区正处于一个关键时刻，需要一 位知道如何重建势头、赢得信任以及将体育和文化与市场重新联系起来的领导者。这是Cathy Sparks担 任大中华区副总裁兼总经理的原因。 此次与大中华区人事一起变动的，还有APLA和欧洲、中东与非洲地区（EMEA）的高管。随着Cathy S ...

耐克管理层，终于忍不了了？ 今日，耐克集团突发人事变动公告，宣布对中国、欧洲、中东和非洲地区（ EMEA）的高 层领导团队进行重大调整。据外媒报道中耐克 内部信描述， "大中华区正处于关键时刻， 需要一位能够重振雄风、赢得信任、并将体育文化与市场重新连接起来的领导者。" 由此，耐克宣布，已经在耐克工作超过 20 年， 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女士为新任耐克大中华区副总 裁兼总经理。 这一调整背后 ，是耐克大中华区持续承压的业绩表现与震荡下行的股价走势 文｜《 BUG》栏目 罗宁 。 耐克 2026财年第二季度（2025年9-11月）业绩报告显示，当季耐克总营收为124.3亿 美元（约合人民币875.12亿元），同比增长1%，但是大中华区营收同比下降17%至14.23 亿美元（约合人民币100.18亿元），息税前利润更是大幅缩水49%，几乎腰斩。截至美国 1月20日收盘，耐克股价63.63美元，相较于近一年最高点82.44美元已下跌超22%。 营收连降， 市场份额遭国货挤压 耐克此次 高层调整 的大动作背后，源于其 大中 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 罗宁 耐克管理层，终于忍不了了？ 今日，耐克集团突发人事变动公告，宣布对中国、欧洲、中东和非洲地区（EMEA）的高层领导团队进 行重大调整。据外媒报道中耐克内部信描述，"大中华区正处于关键时刻，需要一位能够重振雄风、赢 得信任、并将体育文化与市场重新连接起来的领导者。" 由此，耐克宣布，已经在耐克工作超过20年，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女士为新任耐克大中华区副总裁兼总经理。这一调整背后，是 耐克大中华区持续承压的业绩表现与震荡下行的股价走势。耐克2026财年第二季度（2025年9-11月）业 绩报告显示，当季耐克总营收为124.3亿美元（约合人民币875.12亿元），同比增长1%，但是大中华区 营收同比下降17%至14.23亿美元（约合人民币100.18亿元），息税前利润更是大幅缩水49%，几乎腰 斩。截至美国1月20日收盘，耐克股价63.63美元，相较于近一年最高点82.44美元已下跌超22%。 营收连降，市场份额遭国货挤压 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 113.00 HKD for 2026, based on a 20x PE valuation [3][5]. Core Insights - The main brand of the company is experiencing short-term revenue pressure, but the mid-term outlook remains positive due to the company's multi-brand internationalization strategy [2][9]. - The company has adjusted its earnings forecasts for 2025-2027, projecting earnings per share of 4.71, 5.09, and 5.70 RMB respectively, slightly down from previous estimates [3][10]. - The company is expected to face challenges in the competitive landscape of the mass sports sector, but new store formats and product iterations are anticipated to support stable growth in the mid-term [9][10]. Financial Performance Summary - Revenue (in million RMB) is projected to grow from 62,356 in 2023 to 92,805 in 2027, with year-on-year growth rates decreasing from 16.2% in 2023 to 8.8% in 2027 [4]. - Operating profit is expected to increase from 15,367 million RMB in 2023 to 21,369 million RMB in 2027, with a growth rate of 36.8% in 2023, tapering to 10.6% by 2027 [4]. - Net profit attributable to the parent company is forecasted to rise from 10,236 million RMB in 2023 to 15,931 million RMB in 2027, with a significant increase of 52.4% in 2024, followed by a decline of 15.5% in 2025 [4]. - The company’s gross margin is expected to remain stable around 62% over the forecast period, while net margin is projected to fluctuate between 16.4% and 22.0% [4][12]. Brand Performance Insights - The main brand is under pressure in the short term, but is expected to stabilize in the mid-term due to improvements in e-commerce and new store formats [9]. - The Fila brand showed improvement in Q4 and is expected to maintain steady growth starting in 2026 due to recent brand and product optimizations [9]. - Other brands, particularly Descente and KOLON, have shown strong growth, with revenue increasing by 35%-40% year-on-year in Q4, and are expected to continue outperforming the overall sportswear industry [9].

中新网北京1月21日电(记者 刘星晨)满心期待参与活动一个月，本以为奖品是能抵御寒冬的羽绒服，结 果到手的却是让人心凉的"羽绒服挂件"。 据极目新闻等媒体报道，近日，知名运动品牌MLB在社交媒体发布抽奖活动称，"12月期间，积极参与 MLB微博互动，即有机会获得MLB惊喜好礼。"MLB在微博中提示用户点击海报查看互动规则，而海报 上印有羽绒服样品，相关博文还带有"MLB羽绒服"话题标签。 品牌方事后回应称，根据活动规则，中奖者将获得对应礼品，若未写明具体奖品则为随机发放。 抽奖活动本应是品牌增强用户粘性的有效方式，而打擦边球的行为，只会让消费者在收到实物时感到 被"误导"，此前对品牌的好感也可能瞬间消散。 对品牌而言，以透支消费者信任为代价，节省几件奖品的成本，实在得不偿失。长期积累的信任危机， 远非几句解释或道歉所能轻易化解。品牌营销可以讲究方法，但真诚必须落到实处。诚信经营，才是给 消费者最好的"惊喜好礼"。别让消费者满怀期待而来，却失望而归。(完) MLB作为经营者，发布有奖互动活动，虽未直接销售商品，但其本质是以招揽客户、提升知名度、获 取流量等商业目的为导向，附带提供物品、奖金或其他利益的行为，已构 ...