Core Viewpoint - Beyond Meat, known as the "first stock of plant-based meat," has quietly closed its flagship stores on major e-commerce platforms in China, indicating a significant retreat from the market [1][3]. Company Overview - Beyond Meat was founded in 2009 and went public in 2019, experiencing a stock price surge of 163% on its debut day. Notable investors include Bill Gates and Leonardo DiCaprio [3][5]. - The company initially entered the Chinese market in 2020 through partnerships with major food chains like Starbucks, KFC, and Pizza Hut, aiming to capture the B2B market [5][11]. Market Performance - As of November 30, 2023, Beyond Meat's official flagship store on Tmall is no longer searchable, and its Pinduoduo store is also non-functional [1][3]. - The company has faced declining revenue, with a drop from $419 million in 2022 to $326 million in 2024, and a cumulative loss of $864 million during the same period [11]. Product Pricing and Consumer Perception - Beyond Meat's products are priced above local alternatives, with plant-based beef patties costing over 60 yuan per kilogram, comparable to domestic beef prices [3][11]. - Consumer feedback indicates dissatisfaction with the taste and texture of plant-based meat, with many describing it as inferior to real meat [12][15]. Industry Trends - The plant-based meat sector in China has seen a decline in investment since late 2021, with many startups facing financial difficulties or shutting down [12]. - Despite the challenges, the market for plant-based meat is projected to grow, with estimates suggesting a market size of approximately $760 million by 2024 and $3.85 billion by 2033, maintaining a compound annual growth rate of around 20% [15]. Stock Performance - Beyond Meat's stock has significantly decreased, trading at $0.982 per share as of November 28, 2023, with a total market capitalization of $445 million [16].