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北京时间·🕒 发布 22:36:15时区推断·⟳ 抓取 22:44:32·⚡ 决策 07-22 22:52:51 +8m19s·96.9 天前
耐克将终止中国大量线上经销授权，滔搏和宝胜已收到2027年起终止通知
耐克拟从2027年1月起关闭或转出大量中国经销商线上店铺，滔搏公告称Nike产品线上销售约占其收入22%，宝胜约占15%，对两家短期收入有直接负面冲击。
📄 原文Bloomberg↗ 原文
Nike Inc. is ending online sales agreements with potentially hundreds of distributors in China as part of a sweeping ef…
不做 滔搏（06110.HK）
公司级利空明确，但港股已跌24.08%且未确认可借券，不能给可执行空单。
不做 宝胜国际（03813.HK）
公司级利空明确，但股价已跌8.70%、流动性偏弱且未确认可借券，当前不做。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- 6月已有市场传闻，滔搏当时称未收到Nike正式通知，说明部分风险此前已有预期。
- 两家零售商确认收到Nike线上销售终止通知，并披露收入影响口径。市场反应:滔搏跌约24%，宝胜跌约9%。
- 主流媒体已广泛报道Nike中国线上渠道重置，传播充分。
关键理由
- 耐克拟从2027年1月起关闭或转出大量中国经销商线上店铺，滔搏公告称Nike产品线上销售约占其收入22%，宝胜约占15%，对两家短期收入有直接负面冲击。
- 事件已在港股交易时段充分反映，滔搏（06110.HK）最新跌24.08%，宝胜（03813.HK）最新跌8.70%，继续追空的执行边际变差。
主要风险
- 若耐克保留线下合作并把流量导回实体门店，实际利润冲击可能小于收入口径。
- 港股做空需确认可借券；当前未取得可借券字段，不能给可执行空单。
反向证据
- 做空前查反向 · 来源 web · 日期 2026-07-22 · 影响 weakens
两家公司仍将继续线下合作，Nike也称会改善实体门店，负面主要集中在线上渠道收入。
检索:Nike China online distribution Topsports Pou Sheng offline cooperation 2027 impact 原文 ↗
工具调用 · 历史记录,结果未知(1 种)
- stock_quote · 结果未知
原文全文
展开原文 · 2,071 字
Nike Inc. is ending online sales agreements with potentially hundreds of distributors in China as part of a sweeping effort to revive flagging sales in the region.
The athletic apparel and footwear company plans to turn off or close digital storefronts beginning in January, with some exceptions for licensee partners, Nike said in a statement. The exact number of deals that will be ended wasn’t specified, but Nike said there are currently more than 1,000 online sellers in China.
“All these digital storefronts have created an overly complex and fragmented consumer experience,” the company said. “Our partners also understand the need to reset the marketplace.”
China has been a persistent pain point for Chief Executive Officer Elliott Hill, even as Nike sees signs of progress in regions such as North America and robust demand in its running business. Revenue in Greater China has been falling for the last two years.
Read More: Nike’s Savior CEO Is Grappling With a 45% Stock Slump
Hill said earlier this month that Nike was planning a “comprehensive reset” for its China operations. The effort involves working with partners to “be more premium, more culturally connected and move at the speed of Chinese consumers,” the CEO said on its quarterly earnings call.
Sportswear retailers Topsports International Holdings Ltd. and Pou Sheng International Holdings Ltd. each said they received notices that online sales of Nike product in mainland China will terminate at the start of 2027. Shares of both companies fell in Hong Kong on the news. Nike’s stock was down 1.6% at 10:01 a.m. in New York.
As part of the change, Nike plans to invest in its own retail locations and is working with partners to improve physical stores.
The shift illustrates that Nike “is willing to accept a smaller revenue base in the Chinese market in favor of more profitable sales,” Citi analysts led by Paul Lejuez said in a note. He added that there’s a risk the move “may potentially be perceived by the Chinese consumer that NKE is abandoning the market to a greater extent.”
The athletic apparel and footwear company plans to turn off or close digital storefronts beginning in January, with some exceptions for licensee partners, Nike said in a statement. The exact number of deals that will be ended wasn’t specified, but Nike said there are currently more than 1,000 online sellers in China.
“All these digital storefronts have created an overly complex and fragmented consumer experience,” the company said. “Our partners also understand the need to reset the marketplace.”
China has been a persistent pain point for Chief Executive Officer Elliott Hill, even as Nike sees signs of progress in regions such as North America and robust demand in its running business. Revenue in Greater China has been falling for the last two years.
Read More: Nike’s Savior CEO Is Grappling With a 45% Stock Slump
Hill said earlier this month that Nike was planning a “comprehensive reset” for its China operations. The effort involves working with partners to “be more premium, more culturally connected and move at the speed of Chinese consumers,” the CEO said on its quarterly earnings call.
Sportswear retailers Topsports International Holdings Ltd. and Pou Sheng International Holdings Ltd. each said they received notices that online sales of Nike product in mainland China will terminate at the start of 2027. Shares of both companies fell in Hong Kong on the news. Nike’s stock was down 1.6% at 10:01 a.m. in New York.
As part of the change, Nike plans to invest in its own retail locations and is working with partners to improve physical stores.
The shift illustrates that Nike “is willing to accept a smaller revenue base in the Chinese market in favor of more profitable sales,” Citi analysts led by Paul Lejuez said in a note. He added that there’s a risk the move “may potentially be perceived by the Chinese consumer that NKE is abandoning the market to a greater extent.”
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