2026.02. 08 换人！品牌高层大洗牌 耐克高层团队的洗牌并非个案。 本文字数：3884，阅读时长大约6.5分钟 作者 | 第一财经 刘晓颖 刚进入2026年，体育消费用品圈就先迎来一波震荡。 "老大哥"耐克集团在1月下旬一口气公布了全球四大区域中三个区域的高层管理人士调整。其中，现 任大中华区CEO董炜将于3月31日正式卸任。同期，耐克也公布了欧洲、中东及非洲分部的管理层调 整。 董炜的离任让人意外但又或是早晚之事。业绩承压成为高管们"下课"最直接导火索。作为全球体育消 费品牌的领头羊，耐克近两年深陷业绩困局，其大中华区业务持续低迷：2025财年（2024年6月1日 至2025年5月31日），大中华区营收同比降幅达13%，也是耐克全球跌幅最大的市场。2026财年第 二季度（2025年9月1日11月30日），耐克大中华区业绩同比下降17%。 但耐克的问题又岂止大中华区。过去两年，耐克总部也是各种动荡。2024年10月，面对危机已有一 段时间的耐克召回了退休四年的贺雁峰（Elliott Hill）重新担任集团总裁兼CEO。此后，总部高层便 开始大规模重组，品牌、产品、营销、战略、人力资源等关键岗位纷纷换帅 ...

Summary of China Consumer Pulse 1Q25 Industry Overview - The report focuses on the **Chinese consumer market** and highlights the **fragile recovery** in consumer sentiment across various sectors, including **premium beverages**, **apparel**, **luxury goods**, **autos**, **travel**, and **home appliances** [2][30]. Key Insights 1. **Consumer Sentiment and Spending Trends** - Chinese consumer sentiment shows signs of a **fragile recovery** with **experiential spending** leading the way, particularly in **restaurant activity** and **travel** [30][32]. - **Restaurant app usage** increased by **26% YoY**, and travel during Chinese New Year and Qing Ming saw increases of **9%** and **6%** respectively [4][32]. 2. **Channel Performance** - **Digital channels** significantly outperform traditional retail, with **e-commerce beauty sales** growing by **12.7%** and **apparel platforms** by **14%** [2][32]. - Physical retail continues to struggle, indicating a stark divergence in channel performance [30]. 3. **Premium Segment Dynamics** - The **luxury goods** sector shows mixed signals, with consumers becoming more discerning and holding back on spending amid economic uncertainty [6][32]. - **Premium beverages** maintain stable pricing, while **high-end hotels** outperform the broader market [30][32]. - **Premium auto sales** have deteriorated significantly, down **13.5% YoY** [7][32]. 4. **Home Appliances and Export Strength** - The home appliance sector showed solid performance with **air conditioner shipments** growing **16% YoY**, primarily driven by strong export demand [11][12][32]. - Recent tariff announcements raise concerns about the sustainability of this growth [12][32]. 5. **Macroeconomic Factors** - Persistent **deflation** (-0.1% CPI) and escalating **trade tensions** contribute to cautious consumer behavior, with expectations of lower prices leading to delayed purchases [3][30]. - The **Q1 PMI** improved, but anticipated contraction in April indicates fragile business confidence [3][30]. 6. **Outlook and Risks** - The recovery remains fragile and vulnerable to reversal due to economic uncertainty, deflationary pressures, and escalating US-China trade tensions [30][32]. - Any acceleration in government stimulus could potentially support consumer spending [3][30]. Additional Insights - **Travel Industry**: The travel sector showed resilience with a **7%** growth in travelers, despite challenges in outbound travel due to incidents in Southeast Asia [9][23]. - **Cosmetics Sector**: Beauty eCommerce tracked companies showed a recovery with **Gross Merchandise Value** growing **12.7%**, but concerns about sustainability remain due to weak macroeconomic indicators [10][32]. - **Automotive Sector**: In Q1 2025, **EV sales** increased by **34.7% YoY**, with penetration reaching **46.1%**, indicating a strong shift towards electric vehicles [7][28]. This comprehensive analysis highlights the complexities and challenges within the Chinese consumer market, emphasizing the need for careful monitoring of economic indicators and consumer behavior trends.