Investment Rating - The textile and apparel industry is rated as "Overweight" indicating an expectation for the industry to outperform the overall market [4][10]. Core Insights - The report highlights a divergence in performance within the brand apparel sector, with expectations for growth in the non-woven fabric manufacturing segment and opportunities in the Australian wool cycle [4]. - Domestic demand for apparel has shown a modest increase, with retail sales of clothing, shoes, and textiles reaching 1.52 trillion yuan in 2025, reflecting a year-on-year growth of 3.2% [4]. - Export figures indicate a decline, with textile and apparel exports totaling $293.8 billion in 2025, down 2.6% year-on-year, while Vietnam's textile exports grew by 7% [4]. Summary by Sections Domestic Demand - Retail sales for clothing, shoes, and textiles in China reached 1.52 trillion yuan in 2025, with monthly growth rates of 6.3%, 3.5%, and 0.6% in October, November, and December respectively [4]. - The warm winter weather has negatively impacted winter apparel sales [4]. Export Demand - Textile and apparel exports amounted to $293.8 billion in 2025, with textiles at $142.6 billion (up 0.4%) and clothing at $151.2 billion (down 5.2%) [4]. - Vietnam's textile exports were $39.6 billion (up 7%) and footwear exports were $24.2 billion (up 5.8%), indicating a shift in the textile supply chain [4]. Brand Performance - High-end outdoor and niche sports brands are expected to maintain strong growth despite overall industry slowdowns [4]. - Anta, FILA, and outdoor brands are projected to see sales declines in Q4 2025, while brands like 361 Degrees are expected to grow by 10% [4]. Children and Women's Apparel - Women's apparel is facing challenges, but companies like Xinha and Ge Li Si are expected to show improvements in revenue and profitability [4]. - Men's apparel, particularly Haian, is projected to grow by 5% in revenue [4]. Home Textiles - Fuanna is still in a destocking phase, while companies like Luolai and Water Mercury are expected to perform steadily [4]. Non-Woven Fabric Industry - The non-woven fabric sector is benefiting from quality upgrades and expanding demand, with companies like Wanjian and Nuo Bang expected to see revenue growth of 10% to 20% [4]. Textile Manufacturing - The report notes that brands like Nike are experiencing performance fluctuations, impacting the manufacturing chain, while the Australian wool industry is expected to see price increases due to reduced supply and rising demand [4]. Investment Recommendations - The report suggests focusing on high-performance outdoor brands, discount retail, personal care, and sleep economy sectors for potential investment opportunities [4]. - Companies like Anta, Li Ning, and Tebu are highlighted as key players to watch [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].

21世纪经济报道记者贺泓源 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。 在华承压 需要看到的是，前不久董炜还处于升职通道。 2025年末，耐克宣布，大中华区等四个区域负责人直接进入高级领导管理层，向全球CEO汇报，以加速 推进Win Now计划。 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 ...

据每日经济新闻，北京时间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。 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。 耐克业绩近年来面临挑战，尤其是在中国市场。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%，主要是由于更高的北美关税；净利润为7.92亿美元，同比下降32%，摊薄后每股收益为0.53美 元。 其中，耐克大中华区收入同比降低13%，息税前利润同比降35%，是所有市场中降幅最大的地区。 财报公布后，耐克集团总裁兼首席执行官贺雁峰（Elliott Hill）表示："耐克的复苏进程正进入关键阶 段。我们在优先推进的领域持续取得进展，并对当前推动品牌长期增长与盈利能力的各项举措充满信 心。2026财年，我们 ...

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。 与大中华区人事变动一起的，还有欧洲、中东与非洲地区（EMEA）以及亚太拉丁美洲地区（APLA） 的高管变动。随着Cathy Sparks的调任，Crissy将担任APLA地区临时副总裁兼总经理。此外，César Garcia接替Carl Grebert，担任EMEA的副总裁与总经理，Carl Grebert则正式退休。 北京时间1月21日，耐克公司宣布，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。 《每日经济新闻》记者了解到，董炜于2005年加入耐克，在最新任命之前，其职位为耐克全球副总裁、 耐克大中华区总经理。2024年10月，董炜升任耐克大中华区董事长兼CEO，并担任ACG品牌全球 CEO。 耐克的转型已进入深水区。在最新的财报电话会上，耐克高管表示大中华区仍面临清库存的压力。在此 次财报发布之前，耐克还宣布 ...

（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 ...

格隆汇1月21日｜耐克调整地区领导层，以重振在关键的国际市场的势头。耐克表示，César Garcia将从 2月2日起担任欧洲、中东和非洲地区副总裁兼总经理，他将接替在公司工作近30年后即将退休的Carl Grebert。大中华区长期高管Angela Dong将于3月31日离职，在耐克工作了25年的Cathy Sparks将接替这 一职位。 ...

李宁发布2025年第四季度最新运营状况显示，截至2025年12月31日止第四季度，李宁销售点（不包括李 宁 YOUNG）在整个平台的零售流水按年录得低单位数下降。就渠道而言，李宁线下渠道（包括零售及 批发）录得中单位数下降，其中零售（直接经营）渠道录得低单位数下降，批发（特许经销商）渠道录 得中单位数下降；李宁电子商务虚拟店铺业务录得持平。 在截至2025年11月末的最新财季，耐克在华销售额同比下滑16%至14.23亿美元。 亦要看到，头部品牌在双十一所在第四季度销售下滑背后，有着运营转向趋势。耐克就提到，受促销力 度减少影响，耐克今年双十一销售额在下滑区间。 另有头部国产运动品牌高管也告诉21世纪经济报道记者，其所运营品牌，正在收缩双十一活动力 度。"我们会把活动平均到日常与各个渠道，对于线上毛利率会越来越重视。"他说。 21世纪经济报道记者贺泓源、实习生徐鸿儒 整个运动市场都在承压。 1月20日，安踏体育发布公告显示，在2025年第四季度，安踏品牌/FILA品牌/其他品牌（迪桑特、可隆 等）流水分别同比下降低个位数/增长中个位数/增长35至40%。 全年累计来看，安踏品牌/FILA品牌/其他品牌流水分别同 ...

Group 1 - The overall sports market is under pressure, with major brands like Anta and Li Ning reporting declines in sales for their core brands while other brands like FILA and Descente show growth [1][3] - Anta's revenue for 2025 is projected to grow in the low single digits for its core brand, while FILA is expected to see mid-single-digit growth, and other brands are forecasted to grow by 35-40% [1] - Li Ning's sales points experienced a low single-digit decline in retail revenue, with offline channels seeing a mid-single-digit drop, while e-commerce remained flat [1] Group 2 - Nike reported a 16% year-on-year decline in sales in China, amounting to $1.423 billion, attributed to reduced promotional efforts during the Double Eleven shopping festival [1] - Executives from leading domestic sports brands are reducing the intensity of promotional activities, focusing on maintaining margins across various channels [2] - Companies are adapting to market changes by enhancing their channel strategies, with Li Ning opening a flagship store in a prominent location and Nike upgrading key stores in the Greater China region [3]