香港 — 耐克实验室（NikeLab）位于上海前法租界的概念店曾吸引中国运动鞋爱好者前来朝圣，并展示了空军一号（Air Force 1）系列的独家款式。该店于上周三关门，结束了其12年的运营。
HONG KONG -- NikeLab's Shanghai concept store in the city's former French Concession used to draw pilgrimages of Chinese sneaker aficionados and showcased exclusive models of the Air Force 1 line. The store went dark last Wednesday, ending its 12-year run.
此次关闭是耐克全球收缩概念店战略的一部分。但它发生在美国运动服饰巨头的一个敏感时刻，该公司正努力重新获得其曾在全球最重要市场之一所享有的品牌魅力。
The closure was part of Nike's global pullback from its concept store strategy. But it came at a delicate time for the U.S. sportswear giant, which is struggling to regain the cachet it once enjoyed in one of its most important markets.
近年来，中国已从耐克增长最快的市场转变为其销售增长的最大拖累，且有迹象表明这种下滑正在加深。该品牌最近启动了全球重组计划，但在中国实现扭转似乎尤为具有挑战性。作为世界第二大经济体，中国市场正面临来自安踏等本土品牌以及新兴国际竞争对手的日益激烈竞争，同时还受到贸易紧张局势和消费者支出疲软的双重影响。
In recent years, China has gone from being Nike's fastest-growing market to the heaviest drag on its sales growth, with signs that the declines are deepening. The brand recently launched global restructuring efforts but engineering a turnaround in China appears particularly challenging. In the world's No. 2 economy, the company faces rising competition from homegrown brands like Anta and emerging international peers, coupled with trade tensions and weak consumer spending.
“耐克在中国的问题部分源于中美贸易战及其他政治议题，部分则源于中国青年的经济问题，”晨星（Morningstar）高级股权分析师大卫·斯沃茨（David Swartz）表示。耐克“还需要通过设计消费者愿意付费的产品，在该地区重新成为高端品牌。”
"Nike's problems in China are partially due to the U.S.-China trade war and other political issues and partly due to economic issues among China's youths," said David Swartz, senior equity analyst at Morningstar. Nike "also needs to get back to being a premium brand in the region by designing products that consumers" will pay for.
本月早些时候，该公司报告称，其2027财年第一季度整体收入同比下降4%，这主要归因于大中华区在固定汇率基础上的26%下降。
Earlier this month, the company reported that overall revenue for the first quarter of its fiscal 2027 fell 4% year-on-year, which it largely attributed to the greater China market's 26% decline on a constant currency basis.
大中华区的收入已连续九个季度下降，可追溯至2024年。相比2021年的峰值，2026财年全年收入下降了30%。这一趋势是耐克股价今年几乎腰斩的重要原因之一，导致该公司被挤出美国百大企业之列。
Revenue for greater China has fallen for nine straight quarters, dating back to 2024. Compared to the peak in 2021, full-year revenue for fiscal 2026 was 30% lower. The trend is a big reason Nike's share price has almost halved this year, bumping the company out of the ranks of the 100 largest American businesses.
首席执行官埃利奥特·希尔在财报电话会议上告诉分析师，公司正“以紧迫的步伐推进，以提升在中国的业绩”。同一天，公司宣布对其运营模式进行全面改革，将大中华市场与亚太地区合并，创建一个新的“APGC”业务部门。
CEO Elliot Hill told analysts during an earnings call that the company is "moving with urgency to improve performance in China." On the same day, the company announced a sweeping overhaul of its operating model that will merge the greater China market with the Asia-Pacific region, creating a new "APGC" segment.
斯沃茨强调了保持视角的必要性。“虽然这是一个问题，但中国目前仅占耐克销售额和利润的15%以下，”他说。“如果耐克能在北美或西欧表现更好，它可以弥补中国的一些问题。”
Swartz stressed a need for perspective. "Although it is a problem, China is less than 15% of Nike's sales and profits right now," he said. "If Nike can perform better in North America or Western Europe, it can make up for some of the problems in China."
然而，他补充道：“从长远来看，耐克需要让其在中国的业务重回正轨，为此已引入新的管理层。”公司中国业务负责人凯西·斯帕克斯将耐克在中国的部分困境归因于第三方供应商对其产品的大幅折扣。公司决定自2027年1月起，从线上渠道收回第三方分销权，以此来控制产品的折扣和降价幅度。
However, he added, "In the long run, Nike needs to get its Chinese business back on track and has brought in new management to do so." Cathy Sparks, the company's new head of China business, has attributed part of Nike's woes in China to heavy discounting of its products by third-party vendors. The company decided to pull third-party distribution rights from online channels, starting in January 2027, in an attempt to rein in discounts and markdowns on its products.
此举存在风险：一些估计表明，第三方批发在耐克大中华地区销售中的占比处于高十几个百分点。
The move carries risks: Some estimates suggest third-party wholesale as a percentage of Nike's greater China sales is in the high teens.
相反，线上销售将通过品牌在电商平台的官方旗舰店及其自身网站进行，以确保消费者体验“直接、一致且明确无误地是耐克”，斯帕克斯在公司的一篇文章中写道。
Instead, online sales will be channeled through the brand's official shops on e-commerce sites and its own website to ensure the consumer experience is "direct, consistent, and unmistakably Nike," Sparks wrote in a company article.
7月，耐克还任命了公司首位负责中国本土产品创造的负责人。该团队预计将在10月推出首款面向本土市场的产品线。
In July, Nike also named the company's first head of local product creation for China. The team is expected to launch the first product line for the local market in October.
魏康，前耐克和匡威资深人士、亚洲导管（Conduit Asia）创始人，亚洲导管是一家体育和生活方式品牌战略咨询公司，他将该战略概括为“结合本地决策权和对电子商务事务的更严格控制”。但他警告称，仅凭这两个因素“无法扭转趋势”。
Wei Kan, a former Nike and Converse veteran and founder of Conduit Asia, a sports and lifestyle brand strategy consultancy, summed up the strategy as combining "local decision rights and tighter control of e-commerce matters." But he cautioned that these two elements alone "will not reverse the trend."
“到2027年将第三方线上分销拉回，将移除一层训练消费者追逐折扣的环节，”他说。“但相关性仍需赶上。”去年年底，耐克是上海年度马拉松的最大赞助商，但本土竞品特步是参赛跑者穿着最多的品牌。
"Pulling third-party online distribution back by 2027 removes a layer that trained shoppers to chase discounts," he said. But "relevance still must catch up." Nike was the largest sponsor of Shanghai's annual marathon late last year, but local rival Xtep was the top brand worn by runners.
耐克并非唯一感受到中国消费疲软影响的运动服饰企业，这种疲软源于持续的房地产低迷，拖累了消费者情绪。上个月，露露乐蒙（Lululemon）报告了自2023年起为中国市场单独报告数据以来的首次收入下降。
Nike is not the only sportswear player feeling the impact of sluggish spending in China, triggered by an ongoing property slump that has weighed on consumer sentiment. Last month, Lululemon reported the first decline in China revenue since the Canadian sportswear brand started reporting separate figures for the market in 2023.
然而，上海的年轻消费者仍在抢购萨洛蒙（Salomon）徒步鞋，将其视为时尚单品；美国跑步品牌霍卡（Hoka）则通过其在上海的跑步俱乐部成功打造了社区。阿迪达斯，作为耐克在全球的最大竞争对手，报告称2025全年在中国的销售额增长了13%。
Yet, young Chinese shoppers in Shanghai are still snapping up Salomon hiking shoes as a trendy fashion item, while U.S. running brand Hoka has managed to build a community through its running club in Shanghai. Adidas, Nike's largest global rival, reported a 13% jump in China sales for the full year of 2025.
阿迪达斯采取了一项本地化战略，包括重新塑造其户外产品线，以抓住消费者亲近自然带来的市场繁荣。与耐克不同，阿迪达斯通过使用第三方零售合作伙伴扩大了其市场覆盖范围。
Adidas has adopted a local strategy that includes a rebranding of its outdoor product line to capture a boom in the market as consumers connect with nature. Unlike Nike, Adidas has expanded its market coverage by using third-party retail partners.
“经销商对耐克仍持谨慎态度，同时在增加对阿迪达斯和亚瑟士（ASICS）的投资，”据10月份杰富瑞（Jefferies）报告。“阿迪达斯中国经销商的2027年上半年订单簿显示将进一步加速，表明市场份额正持续从耐克转移。”分析师补充称，耐克的弱点正日益呈现“品牌特定”特征。
"Distributors remain cautious on Nike while increasing investment in Adidas and ASICS," according to a Jefferies report in October. "Adidas China distributors' 1H27 orderbook points to further acceleration, suggesting the ongoing market-share transfer away from Nike." Nike's weakness appears increasingly "brand-specific," the analysts added.
但晨星的施瓦茨认为，耐克可以从其德国宿敌的近期表现中获得安慰。“中国市场的复苏是可能的——阿迪达斯已经证明了这一点，”他说。
But Morningstar's Swartz suggested that Nike could find solace in its German archrival's recent performance. "Comebacks are possible in the China market -- Adidas has demonstrated that," he said.
导管亚洲的康表示：“中国正朝着我所说的行为徽章市场迈进：消费者会奖励那些在人们实际训练、穿着和刷屏方式中出现的品牌。”去年11月，耐克仍是上海年度马拉松的最大赞助商。但国内品牌特步抢尽风头，因为年轻运动员冯佩佑穿着其跑鞋创造了中国男子组的赛道纪录。
Kan at Conduit Asia said, "China has moved further toward what I call a behavior-badge market: Shoppers reward brands that show up in how people actually train, dress and scroll." Last November, Nike remained the largest sponsor for Shanghai's annual marathon. But domestic brand Xtep took the limelight as a young athlete, Feng Peiyou, set a course record for Chinese men in a pair of its running shoes.
特步凭借成为参赛者中穿着最多的品牌而脱颖而出。据当地媒体报道，每五名跑者中就有一人穿着该公司的鞋子。
Xtep stood out as the top brand worn by participants. One out of five runners was spotted in the company's shoes, according to local media.
“除了产品管线，耐克在中国仍需要一个更完整、更一致的本土品牌叙事，能够在本土文化和零售场景中产生共鸣，而不仅仅是在全球活动中晚些时候才进行调整，”康建议道。
"Beyond the product pipeline, Nike still needs a more complete and consistent local brand narrative in China, one that resonates in local culture and retail moments, not only in global campaigns adapted late," Kan advised.