净亏扩大 别样肉客抛弃“肉”

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.73% decline in revenue for the first three quarters of 2025, with net losses widening, prompting a strategic shift to expand beyond plant-based meat products and seek new growth models [1][2]. Financial Performance - For the first three quarters, Beyond Meat achieved a total revenue of $214 million, a year-on-year decrease of 14.37%, and a net loss of $193 million, compared to a net loss of $115 million in the same period last year [1][2]. - In Q3 alone, revenue was $70.22 million, down 13.32% year-on-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [1][2]. Sales Decline Factors - The revenue decline is attributed to a 10.3% decrease in product sales and a 3.5% drop in average selling price, influenced by reduced distribution points in U.S. retail channels and decreased sales to fast-food clients in international food service [2]. - Non-operating factors, including non-cash impairment charges related to certain long-term assets, contributed to the widening net loss [2]. Market Challenges - The current demand weakness for plant-based meat is believed to stem from the products' inability to meet mainstream market needs, as indicated by the product lifecycle theory, suggesting that plant-based meat remains in a niche market without a solid consumer base [2]. - Significant gaps in taste, price, and nutritional composition compared to real meat, along with stable or declining prices for traditional meat, further compress the market space for plant-based alternatives [2]. Strategic Shift - To address the current challenges, Beyond Meat is implementing a transformation plan, shifting focus from meat imitation to traditional plant proteins, and gradually phasing out the "Meat" label [4]. - This strategic pivot is seen as rational, aligning with health food trends and leveraging existing supply chains to enhance gross margins, while also exploring new product forms like ready-to-eat protein bars and plant-based milk [4].