这是一个曾被比尔·盖茨、李嘉诚、小李子押注的千亿赛道，如今却沦为华尔街的笑话。2019年，Beyond Meat上市首日暴涨163%，一度被视为“拯救地球的未来”；而2025年，它的股价已较高点跌去99.5%，甚至沦为被散户爆炒的Meme“妖股”。更讽刺的是，为了生存，曾经的行业颠覆者Impossible Foods竟然宣布：考虑在植物肉里加“真肉”。 从受到全球资本疯狂追捧，到如今裁员、濒临破产，人造肉行业究竟做错了什么？是口感和价格的双输局面，还是资本健康神话的泡沫破裂？本期视频，我们将实地品尝硅谷现存的人造肉汉堡，并探访超市货架，翻开配料表、融资图，用亲身体验与客观数据揭开人造肉的真相。这场打着拯救地球旗号的科技精英主义实验，到底错在了哪里？人造肉还有机会东山再起吗？ 你会看到： 人造肉神话破灭：从华尔街宠儿到妖股玩具 黄金赛道急冻：资本骤冷、投资退潮，消费者们用脚投票 Beyond Meat绝境：10亿美元债务危机下“回光返照”的妖股 Impossible Foods叛变：撕下100%植物基的最后一块遮羞布 不香了的人造肉：口味与价格是永远的痛点 健康神话的破灭：从“健康食品”到“超加工食品”（UPF ...

"植物肉"近日又受到市场关注。10月末，被称为"植物肉第一股"的别样肉客（Beyond Meat）股价异动大涨，一度引发植物肉赛道"二次崛起"的猜测；11 月，其股价又回落。 植物肉一度被视为食品行业新风口。近五年间，不够美味、价格偏高等自身短板，令植物肉从资本竞逐的风口跌落，行业也重新进行洗牌。不过，业内人 士、专家认为，在国内健康、环保理念不断提升的背景下，对未来几年国内植物基市场仍然看好。 针对当下市面上多款植物肉产品的口感、风味、营养成分指标等，新京报记者近日测评发现，口感和"真肉"普遍存在明显差异，部分产品可能存在钠含量偏 高等问题。同时，记者调研发现，有产品将植物基食品和真肉、蛋、奶进行对比式宣传，突出植物肉的营养价值，但专家认为并不严谨。业内人士指出，植 物肉行业还需挖掘自身独特价值，练好内功，在健康化、绿色化、本土化的探索中寻找新方向。 植物肉口感究竟如何？ "行业洗牌"中留存下来的植物肉产品，其口感、风味究竟如何？新京报记者以植物肉中较为常见、能较好体现植物肉本身风味的"肉饼"形态作为切入点，在 网上随机购买了4块植物肉饼，并以1块"泰森"安格斯牛肉饼作为真肉肉饼对照，邀请消费者共同试吃。 ...

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].

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.37% decline in revenue for the first three quarters of 2025, with net losses widening, and projected fourth-quarter sales below market expectations [2][4][5] Financial Performance - For the first three quarters, Beyond Meat achieved revenue of $214 million, down 14.37% year-over-year, and a net loss of $193 million compared to a net loss of $115 million in the same period last year [4] - In Q3 alone, revenue was $70.22 million, a 13.32% decrease year-over-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [4] - The revenue decline was attributed to a 10.3% decrease in product sales volume and a 3.5% drop in average selling price [4] - The U.S. retail channel saw a net revenue decline of 18.4% to $28.54 million, with a 12.6% drop in sales volume [4] Market Outlook - Beyond Meat's projected net revenue for Q4 2025 is between $60 million and $65 million, lower than the market expectation of $70.03 million [5] - Analysts suggest that the weak demand for plant-based meat may stem from its inability to meet mainstream market needs, as indicated by the product lifecycle theory [5][7] Industry Context - Since 2021, the enthusiasm in the capital market for plant-based meat has waned, with many companies exiting the sector [7] - The plant-based meat industry faces significant uncertainty, with consumer acceptance and business models still needing maturation [7][8] Strategic Transformation - To address current challenges, Beyond Meat is pursuing a transformation plan, including cost reduction and strategic growth initiatives [8][9] - The company has completed key transformation steps, including debt restructuring and increasing liquidity [8] - Beyond Meat aims to shift its focus from meat imitation to traditional plant proteins, launching products like "Beyond Ground" that do not mimic meat [9] - This strategic pivot is seen as aligning with health trends and enhancing profit margins by leveraging existing supply chains [9]

Core Viewpoint - Beyond Meat, known as the "first plant-based meat stock," reported a 14.37% 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 [1][3][6] Financial Performance - For the first three quarters, Beyond Meat achieved revenue of $214 million, down 14.37% year-over-year, and a net loss of $193 million, compared to a net loss of $115 million in the same period last year [3][6] - In Q3 alone, revenue was $70.22 million, a 13.32% decrease year-over-year, with a net loss of $111 million, significantly larger than the $26.58 million loss in the same quarter last year [3][6] - The decline in revenue is attributed to a 10.3% decrease in product sales volume and a 3.5% drop in average selling price [3][4] Market Dynamics - The U.S. market has seen the most significant decline, with net revenue from U.S. retail channels dropping 18.4% to $28.54 million and sales volume decreasing 12.6% [3][4] - The overall demand for plant-based meat appears weak, as the products struggle to meet mainstream market needs, remaining largely in niche segments [4][7] Strategic Shift - Beyond Meat is transitioning its focus from meat imitation to traditional plant proteins, as evidenced by the launch of "Beyond Ground," which contains only plant-based ingredients and no meat analogs [8][9] - The company aims to become a "global protein company" by diversifying its product offerings and enhancing its operational efficiency [8][9] Industry Context - The plant-based meat sector is facing significant challenges, with many companies exiting the market due to unmet consumer expectations regarding taste, price, and nutrition [7][8] - Analysts suggest that the capital market's enthusiasm for plant-based meat has waned, shifting towards more diverse protein solutions with technological barriers [7][8]

Core Viewpoint - Beyond Meat has become a popular meme stock despite struggling for years, with a 97% drop from its initial public offering price in 2019 before a recent rally, but the outlook for a comeback in 2025 appears bleak [1] Group 1: Stock Performance - The recent rally in Beyond Meat's stock is not due to improved performance, as the company has been in decline for years, with negative operating margins and previously negative gross margins [3] - The stock has already begun to decline, currently sitting 54% below its recent highs, indicating the risks associated with meme stocks [5] - Retail investor enthusiasm has driven the stock's rise, but this is not based on genuine confidence in the company's potential [5][6] Group 2: Market Conditions - Interest in plant-based foods has significantly decreased since Beyond Meat's public debut, leading to a challenging market environment [7] - CEO Ethan Brown noted that Beyond Meat's performance is affected by "softness" in the plant-based category, particularly in U.S. retail and international foodservice channels [8] - The company is implementing cost-cutting measures to improve operational efficiency, but these efforts cannot alter the current market realities [8] Group 3: Opportunities and Partnerships - Despite the challenges, Beyond Meat has received positive recognition for its products in taste tests, indicating a market for its offerings [10] - The company has expanded its partnership with Walmart, which could provide some growth opportunities [4][10]

Core Viewpoint - Beyond Meat's stock price surged over 1000% in four days, indicating a potential resurgence in the plant-based meat market, driven by social media and new distribution agreements with Walmart [1][4]. Group 1: Stock Performance and Market Reaction - Beyond Meat's stock experienced a dramatic increase, with a peak rise of over 1000% within four days, reflecting intense market enthusiasm [1]. - The surge in stock price is linked to a Reddit post that ignited retail investor interest, positioning Beyond Meat alongside other "meme stocks" like GameStop and AMC [4]. Group 2: Distribution and Consumer Engagement - Beyond Meat announced a new distribution agreement with Walmart, allowing its products to reach a broader consumer base, which is seen as a transformative catalyst for demand [4][6]. - The combination of Walmart's distribution capabilities and social media buzz created a dual-driven model of consumer engagement, addressing both availability and desirability [4][5]. Group 3: Global Production and Supply Chain - Beyond Meat's factory in Jiaxing, China, plays a crucial role in its global supply chain, aimed at reducing costs and meeting market demands [6]. - The Jiaxing facility utilizes advanced production technology to ensure efficient and scalable manufacturing of plant-based products, supporting Walmart's renewed order demand [6]. Group 4: Market Outlook and Challenges - Despite the current market excitement, experts caution that short-term enthusiasm does not guarantee long-term success, emphasizing the importance of product quality, taste, and consumer experience [7]. - The plant-based meat industry faces challenges, including the lack of national standards in China, which may affect consumer acceptance and market growth [7]. - The global plant-based meat market is projected to grow at a compound annual growth rate of over 10%, with China's market expected to exceed 10 billion RMB by 2025 [7][8].

Core Insights - Beyond Meat's shares have fallen below $1, raising concerns among investors regarding the company's strategy to reduce debt by issuing more shares [1][3] - The company plans to reduce its debt load by $800 million and extend the maturity of some debt, which includes exchanging $202.5 million of debt due in 2027 for new debt maturing in 2030 [2] - Despite initial popularity, demand for Beyond Meat's products in the U.S. has not met expectations, leading to a 15% decline in net revenue in the first half of the year [1][5] Financial Performance - Beyond Meat's stock closed at $1.04 per share and opened at 92 cents the following day, reflecting a 12% drop in mid-day trading [3] - The company's shares have decreased by 73% since the beginning of the year [3] Market Position - Beyond Meat was once a leading player in the plant-based meat sector, attracting high-profile investors and ambitious expansion plans [4] - However, U.S. consumer interest has waned due to taste preferences and ingredient concerns, compounded by inflation-related cost increases [5] Geographic Demand - While demand for Beyond Meat's products has been stronger in Europe, U.S. fast food chains have been hesitant to incorporate these products into their menus [6] - The company has also suspended operations in China earlier this year due to poor sales [6] Strategic Direction - The CEO has indicated a shift in branding strategy, focusing on using "Beyond" as the primary brand and expanding into other protein offerings beyond animal meat replicas [7]

Core Viewpoint - Jinzi Ham Co., Ltd. is planning a share transfer that may involve a change in control, leading to a temporary suspension of its stock trading. The company has struggled to meet performance commitments since its founder sold shares in 2021, and recent profit increases have been attributed to asset sales rather than core business growth [1][11]. Financial Performance - In 2024, Jinzi Ham achieved revenue of 344 million yuan, a year-on-year increase of 9.62%, and net profit of 62.17 million yuan, up 55.19% from the previous year. However, the non-recurring net profit fell to 23.55 million yuan, a decline of 27.70% [2][3]. - The increase in net profit was primarily due to the sale of a 12.2807% stake in Zhejiang Yindun Cloud Technology Co., Ltd. for 428 million yuan, contributing an additional 26.26 million yuan to net profit [3]. Investment Strategy - Jinzi Ham has a history of diversifying into various sectors since 2013, including rare earths, banking, e-commerce, health, and new energy vehicles. However, many of these ventures have not been successful, leading to performance issues [1][6]. - The company has made significant investments in the AI and computing sectors, but faced challenges in achieving performance targets set in investment agreements with Yindun Cloud, which has struggled financially [4][5]. Market Position and Challenges - The company's core products, particularly ham and specialty meat products, have seen declining gross margins for four consecutive years, with ham's margin at 26.14% and specialty meat's at 7.67% in 2024 [14][15]. - Jinzi Ham is attempting to capture the young consumer market by launching innovative products, but its pre-prepared food offerings have been limited and are still in the trial phase [16][17]. Future Outlook - The company plans to enhance its product offerings and improve profitability through capital operations and market expansion, particularly in e-commerce and international markets [15][16]. - Despite the challenges, Jinzi Ham aims to develop new products and optimize its operations to recover from declining margins and improve overall performance [15][16].

Group 1 - Unilever is planning to sell its plant-based meat brand The Vegetarian Butcher due to its poor scalability within the company's food portfolio and differing technology and R&D capabilities [1] - The potential buyer for The Vegetarian Butcher is Dutch plant-based food company Vivera, which aims to explore new plant-based ingredients [1] - The plant-based meat market is expected to grow in China, the largest meat production and consumption country, with 19.3% of Gen Z consumers identifying as flexitarian [1] Group 2 - Consumer awareness of cultured meat is currently at 17.6%, but willingness to purchase increases to 20.4% after concept exposure [1] - Future development of plant-based meat in the market will depend more on price and taste rather than consumer awareness [1]