<p>亚历克斯·陈——一位三十多岁的北京办公室职员——曾经像许多中国千禧一代一样，通过标志、条纹和品牌标识来购买运动鞋。\n 作为青少年，他会追寻耐克和阿迪达斯的篮球鞋，既被神话吸引，也被材料吸引。如今，他表示自己购物的方式有所不同。\n“我一直是迈克尔·乔丹和科比·布莱恩特的忠实篮球迷，” 他说。“那时候，我会特别寻找耐克和阿迪达斯的篮球鞋——穿上一双乔丹鞋让我感觉自己是运动社区的一部分。\n“但现在我已步入中年，优先考虑更均衡的选择。我渴望尝试国产品牌，因为它们的价格相对实惠，质量、耐用性和舒适性都有所提升。”\n 他仍然无法抵挡大品牌的吸引力——全球声誉和归属感依然重要——但这些因素不再自动为高价提供正当理由。\n 这种重新调整在中国消费者中越来越普遍，并且在外国运动品牌的业绩中有所体现。\n 尽管耐克在周四发布的季度财报和收入超出分析师预期——北美的销售增长抵消了中国的下滑——但该运动服装零售商在截至 11 月 30 日的 2026 财年第二季度中，来自大中华区的收入骤降 16%，降至约 14.2 亿美元。\n 直接面向消费者的销售收入同比下降 18%，数字业务收入下降 36%，门店收入下降 5%。在财报发布后，纳斯达克上市的耐克股价在周四的盘后交易中下跌了 10%。\n 耐克在中国的业绩疲软引起了人们对海外品牌在这个市场面临压力的关注，国内品牌如安踏体育和李宁正在稳步抢占市场份额。\n 安踏集团三年前超越耐克成为中国销量第一，并自此保持领先地位，巩固了其作为中国运动服装领军者的地位。\n 该集团还成为全球第三大运动服装公司——仅次于耐克和阿迪达斯——年收入超过 1000 亿元人民币（142 亿美元），如果包括其拥有的国际品牌如 Fila 和 Arc'teryx。\n 尽管如此，安踏的市值仍远低于耐克，突显出中国市场领导者与全球最大品牌之间的差距。\n 分析师表示，耐克最新的业绩数据表明这不仅仅是一次性的下滑。\n“我们认为耐克最新的财报反映的不仅仅是业绩波动；它揭示了中国运动服装市场的根本性变化，” 上海市场研究机构 LeadLeo Research Institute 的分析师林敏表示。\n“本土品牌获得消费者青睐的核心原因在于它们抓住了中国运动消费格局的关键转型，” 她补充道。\n 林敏表示，中国消费者的消费逻辑已经从 “追求品牌溢价” 转向 “重视实用主义”，而运动品牌的情感重心也从 “全球叙事” 转向 “本土共鸣”。\n“此外，本土品牌利用其数字供应链和深入的消费者洞察，能够将中国特定产品从概念到上架的时间缩短至三到六个月，” 她说。\n 她表示，耐克的业绩突显了一个战略挑战：从单纯在中国销售转向为中国创造。林敏补充道，最困难的部分将是平衡使耐克成为全球品牌的身份与中国消费者的独特需求。\n 耐克曾将中国描述为全球体育产业中最具潜力的长期市场。对于当前财年及未来，公司表示将继续优化在中国市场的运营，以为未来增长奠定基础。\n 根据国信证券的数据显示，耐克在主要中国电商平台的运动品牌在线销售中仍然领先。在第三季度，耐克的市场份额为 8.7%，阿迪达斯为 8.1%，李宁为 7.9%。安踏的独立品牌占据 5.9% 的市场份额，排除其投资组合中的全球品牌。\n 更广泛的区域形势也有利于本土品牌。\n 根据贝恩公司和尼尔森 IQ 上周发布的一份报告，亚太地区预计将在 2035 年超越北美，成为全球最大的消费市场。\n 展望 2026 年，该报告指出，该地区的消费格局将由本土和区域品牌在大多数发展市场中获得市场份额所塑造，本土品牌在创新速度和市场灵活性上超越跨国公司，并更贴近当地消费者的口味和需求。\n 陈的转变反映了城市中国消费者的更广泛重新调整。全球品牌仍然象征着地位和真实性，但本土品牌越来越能够提供消费者所需的质量和舒适性，而不需要高昂的价格。</p>

耐克

安踏体育

<p>耐克在中国市场的份额正在下降，国内品牌如安踏体育和李宁正在逐渐崛起。尽管在北美的收益强劲，耐克在大中华区的收入在 2026 年第二季度下降了 16%。中国消费者因价格实惠和质量提升而转向本土品牌。分析师指出市场发生了根本性变化，本土品牌利用数字供应链和消费者洞察力。耐克旨在通过优化在中国的运营来适应，但在平衡全球形象与本地需求方面面临挑战</p>

<p>Alex Chen – a Beijing office worker in his late 30s – used to buy his trainers the way plenty of Chinese millennials did: by the swoosh, the stripes and the logo.\nAs a teenager, he would hunt down Nike and Adidas basketball shoes, pulled in as much by the mythology as the materials. These days, he said, he shops differently.\n“I have always been a huge basketball fan of Michael Jordan and Kobe Bryant,” he said. “Back then, I would specifically seek out Nike and Adidas basketball shoes – wearing a pair of Jordan shoes made me feel like I was part of the sports community.\n“But now that I’m middle-aged, my priorities have shifted towards more balanced choices. I’m eager to try domestic brands, thanks to their relatively affordable pricing and improvements in quality, durability and comfort.”\nHe is still not immune to the pull of big-name branding – global reputation and that sense of belonging still matter – but they no longer automatically justify the premium.\nThat recalibration is increasingly common among Chinese consumers, and it is showing up in the results of foreign sportswear giants.\nWhile Nike posted quarterly earnings and revenue on Thursday that topped analysts’ estimates – with sales growth in North America offsetting China declines – the athletic apparel retailer recorded a precipitous 16 per cent decline in Greater China revenue to about US$1.42 billion for its fiscal 2026 second quarter ended November 30.\nDirect-to-consumer sales revenue fell 18 per cent year on year, digital business revenue dropped 36 per cent, and store revenue declined 5 per cent. Shares of Nasdaq-listed Nike fell 10 per cent in after-hours trading on Thursday following the earnings release.\n\nNike’s weakening China performance has sharpened attention on the pressures facing overseas brands in a market where domestic champions including Anta Sports and Li-Ning have been steadily taking share.\nAnta Group overtook Nike in China sales three years ago and has held its lead since, cementing its position as the country’s sportswear front-runner.\nThe group has also become the third-biggest sportswear company globally – after Nike and Adidas – to surpass 100 billion yuan (US$14.2 billion) in annual revenue, if sales from international labels it owns such as Fila and Arc’teryx are included.\nEven so, Anta’s market capitalisation remains far less than that of Nike’s, underscoring the gap that still separates China’s market leader from the world’s biggest name.\nAnalysts said Nike’s latest figures pointed to more than a one-off dip.\n“We believe Nike’s latest earnings report reflects more than a mere performance fluctuation; it reveals a fundamental shift in China’s sportswear market,” said Lin Min, an analyst at LeadLeo Research Institute, a Shanghai-based market research provider.\n“The core reason that home-grown brands have gained consumer favour is that they have capitalised on key transformations in China’s sports consumption landscape,” she added.\nLin said Chinese consumers’ spending logic had moved “from embracing brand premium to valuing pragmatism”, while the emotional gravity of sports branding had shifted “from global narratives to local resonance”.\n“In addition, home-grown brands, leveraging their digital supply chains and in-depth consumer insights, have been able to cut the time for China-specific products from concept to shelf to between three and six months,” she said.\nShe said Nike’s results underscored a strategic challenge: moving from simply selling in China to creating for China. The hardest part, Lin added, would be balancing the identity that has made Nike a global brand with the unique demands of Chinese consumers.\nNike has described China as one of the most promising long-term markets in the global sports industry. For the current financial year and beyond, the company said it would continue to optimise its operations in the Chinese market to build a foundation for future growth.\nNike still leads online sales among sports brands on major Chinese e-commerce platforms, according to Guosen Securities. In the third quarter, Nike held an 8.7 per cent market share, followed by Adidas at 8.1 per cent and Li-Ning at 7.9 per cent. Anta’s stand-alone brand accounted for 5.9 per cent, excluding the global labels within its portfolio, the research showed.\nThe broader regional picture also favours local players.\nAsia-Pacific is set to overtake North America as the world’s largest consumer market by 2035, according to a report by Bain &amp; Company and NielsenIQ released last week.\nLooking ahead to 2026, the report said the region’s consumer landscape would be shaped by domestic and regional brands gaining share across most developing markets, with local players outpacing multinationals on innovation speed and market agility – and staying closer to the tastes and needs of local shoppers.\nChen’s shift captures a broader recalibration among urban Chinese consumers. Global brands still signal status and authenticity, but local labels are increasingly delivering the quality and comfort shoppers want, but without the hefty price tag.\n</p>
<div class="lb-trans"><p>亚历克斯·陈——一位三十多岁的北京办公室职员——曾经像许多中国千禧一代一样，通过标志、条纹和品牌标识来购买运动鞋。\n 作为青少年，他会追寻耐克和阿迪达斯的篮球鞋，既被神话吸引，也被材料吸引。如今，他表示自己购物的方式有所不同。\n“我一直是迈克尔·乔丹和科比·布莱恩特的忠实篮球迷，” 他说。“那时候，我会特别寻找耐克和阿迪达斯的篮球鞋——穿上一双乔丹鞋让我感觉自己是运动社区的一部分。\n“但现在我已步入中年，优先考虑更均衡的选择。我渴望尝试国产品牌，因为它们的价格相对实惠，质量、耐用性和舒适性都有所提升。”\n 他仍然无法抵挡大品牌的吸引力——全球声誉和归属感依然重要——但这些因素不再自动为高价提供正当理由。\n 这种重新调整在中国消费者中越来越普遍，并且在外国运动品牌的业绩中有所体现。\n 尽管耐克在周四发布的季度财报和收入超出分析师预期——北美的销售增长抵消了中国的下滑——但该运动服装零售商在截至 11 月 30 日的 2026 财年第二季度中，来自大中华区的收入骤降 16%，降至约 14.2 亿美元。\n 直接面向消费者的销售收入同比下降 18%，数字业务收入下降 36%，门店收入下降 5%。在财报发布后，纳斯达克上市的耐克股价在周四的盘后交易中下跌了 10%。\n 耐克在中国的业绩疲软引起了人们对海外品牌在这个市场面临压力的关注，国内品牌如安踏体育和李宁正在稳步抢占市场份额。\n 安踏集团三年前超越耐克成为中国销量第一，并自此保持领先地位，巩固了其作为中国运动服装领军者的地位。\n 该集团还成为全球第三大运动服装公司——仅次于耐克和阿迪达斯——年收入超过 1000 亿元人民币（142 亿美元），如果包括其拥有的国际品牌如 Fila 和 Arc'teryx。\n 尽管如此，安踏的市值仍远低于耐克，突显出中国市场领导者与全球最大品牌之间的差距。\n 分析师表示，耐克最新的业绩数据表明这不仅仅是一次性的下滑。\n“我们认为耐克最新的财报反映的不仅仅是业绩波动；它揭示了中国运动服装市场的根本性变化，” 上海市场研究机构 LeadLeo Research Institute 的分析师林敏表示。\n“本土品牌获得消费者青睐的核心原因在于它们抓住了中国运动消费格局的关键转型，” 她补充道。\n 林敏表示，中国消费者的消费逻辑已经从 “追求品牌溢价” 转向 “重视实用主义”，而运动品牌的情感重心也从 “全球叙事” 转向 “本土共鸣”。\n“此外，本土品牌利用其数字供应链和深入的消费者洞察，能够将中国特定产品从概念到上架的时间缩短至三到六个月，” 她说。\n 她表示，耐克的业绩突显了一个战略挑战：从单纯在中国销售转向为中国创造。林敏补充道，最困难的部分将是平衡使耐克成为全球品牌的身份与中国消费者的独特需求。\n 耐克曾将中国描述为全球体育产业中最具潜力的长期市场。对于当前财年及未来，公司表示将继续优化在中国市场的运营，以为未来增长奠定基础。\n 根据国信证券的数据显示，耐克在主要中国电商平台的运动品牌在线销售中仍然领先。在第三季度，耐克的市场份额为 8.7%，阿迪达斯为 8.1%，李宁为 7.9%。安踏的独立品牌占据 5.9% 的市场份额，排除其投资组合中的全球品牌。\n 更广泛的区域形势也有利于本土品牌。\n 根据贝恩公司和尼尔森 IQ 上周发布的一份报告，亚太地区预计将在 2035 年超越北美，成为全球最大的消费市场。\n 展望 2026 年，该报告指出，该地区的消费格局将由本土和区域品牌在大多数发展市场中获得市场份额所塑造，本土品牌在创新速度和市场灵活性上超越跨国公司，并更贴近当地消费者的口味和需求。\n 陈的转变反映了城市中国消费者的更广泛重新调整。全球品牌仍然象征着地位和真实性，但本土品牌越来越能够提供消费者所需的质量和舒适性，而不需要高昂的价格。</p>
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从 “勾勾” 到本土品牌：耐克在中国市场失去优势，国内竞争对手开始迅速崛起