超越肉類 (BYND) 2025 Q3 法說會逐字稿

Thank you, everyone. Welcome to the Beyond Meat, Inc., 2025 third-quarter conference call.

謝謝大家。歡迎參加Beyond Meat公司2025年第三季業績電話會議。

(Operator Instructions) Please note this call is being recorded. (Operator Instructions)

（接線生提示）請注意，本次通話正在錄音。 （接線生提示）

It is now my pleasure to turn today's conference over to Paul Sheppard, Vice President of FP&A and Investor Relations.

現在我很高興將今天的會議交給財務規劃與分析及投資者關係副總裁保羅·謝潑德先生。

Thank you. Hello, everyone. Thank you for your participation in today's call.

謝謝。大家好。感謝各位參加今天的電話會議。

Joining me are Ethan Brown, Founder, President, and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer.

與我一同出席的還有創辦人、總裁兼執行長伊森·布朗，以及財務長兼財務主管盧比·庫圖阿。

By now, everyone should have access to our third-quarter 2025 earnings press release filed yesterday after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.

現在，所有人都應該可以查閱我們昨天收盤後發布的2025年第三季財報新聞稿。文件可在Beyond Meat網站www.beyondmeat.com的「投資者關係」欄位中找到。

Before we begin, please note that all the information presented today is unaudited; and that during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs; and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

在會議開始之前，請注意，今天提供的所有資訊均未經審計；並且在本次電話會議中，管理層可能會做出符合聯邦證券法定義的前瞻性陳述。這些陳述是基於管理階層目前的預期和信念；並涉及風險和不確定性，可能導致實際結果與這些前瞻性陳述中所述的結果有重大差異。

Forward-looking statements in our earnings release, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

我們在獲利報告中發布的預測性聲明以及本次電話會議中的評論僅代表截至今日的觀點，不會隨著實際情況的發展而更新。

We refer you to yesterday's press release; our quarterly report on Form 10-Q for the quarter ended September 27, 2025, to be filed with the SEC; and our annual report on Form 10-K for the fiscal year ended December 31, 2024; along with other filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements today.

我們建議您參閱昨天的新聞稿；我們將向美國證券交易委員會提交的截至 2025 年 9 月 27 日的季度報告（表格 10-Q）；以及我們截至 2024 年 12 月 31 日的年度報告（表格 10-K）；以及向美國證券交易委員會提交的其他文件，以詳細討論可能導致前瞻性結果的實際結果中暗示

Please also note that on today's call, management may reference adjusted EBITDA, adjusted loss from operations, and adjusted net loss, which are non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, any reference to this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

另請注意，在今天的電話會議中，管理層可能會提及調整後 EBITDA、調整後營業虧損和調整後淨虧損，這些都是非公認會計準則 (非 GAAP) 財務指標。雖然我們認為這些非 GAAP 財務指標能夠為投資者提供有用的信息，但提及這些信息不應被孤立地看待，也不應被視為替代按照公認會計準則 (GAAP) 編制的財務信息。

Please refer to yesterday's press release for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

有關這些非GAAP財務指標與其最可比較GAAP指標的調節表，請參閱昨天的新聞稿。

With that, I would now like to turn the call over to Ethan Brown.

接下來，我將把電話交給伊森·布朗。

Thank you, Paul. Good afternoon, everyone.

謝謝你，保羅。大家下午好。

First and foremost, I would like to recognize all veterans on this important day of observance, including those veterans we are fortunate enough to have on our team at Beyond. You exemplify the values of putting others in country first. We are deeply appreciative of your service, sacrifice, encourage. We are indebted to each of you. That is top of mind today.

首先，值此重要的紀念日之際，我要向所有退伍軍人致敬，包括我們Beyond團隊中那些我們非常榮幸擁有的退伍軍人。你們以身作則，實踐著「國家至上」的價值觀。我們由衷感謝你們的付出、犧牲和鼓勵。我們對你們每一個人都充滿感激。今天，我們最想表達的就是這份感激。

I will now turn to the business and cover three main subject areas. First, I will seek to put our recent balance sheet activities in the appropriate context. Second, I will briefly review the performance headlines from our third quarter of 2025, results that point to a business that remains in turnaround mode. Third, I will outline the key operational and top-line initiatives we are taking in pursuit of this turnaround and return to growth.

接下來，我將轉向業務方面，主要涵蓋三個主題。首先，我會嘗試將我們近期的資產負債表活動置於適當的背景下進行解讀。其次，我會簡要回顧我們2025年第三季的業績亮點，這些業績顯示公司仍處於轉型期。第三，我會概述我們為實現轉型和恢復成長所採取的關鍵營運和營收措施。

Though a protracted process, our recently announced transaction with our bondholders was sweeping in its scope.; and. together with the nearly $150 million in cash we raised through the completion of our existing ATM program, represents a fundamental reset of our balance sheet.

儘管過程漫長，但我們最近宣布的與債券持有人的交易範圍廣泛；而且，加上我們透過完成現有 ATM 計劃籌集的近 1.5 億美元現金，代表著我們資產負債表的根本性重置。

Specifically, we reduced debt levels by approximately $900 million, nearly 75% of our total leverage and put in place a path to potentially convert another $209 million for a total reduction of over 90% in total outstanding debt for consideration of any PIK interest.

具體來說，我們減少了約 9 億美元的債務，相當於我們總槓桿率的近 75%，並製定了一條途徑，有可能將另外 2.09 億美元轉換為現金，從而將未償債務總額減少 90% 以上，以考慮任何 PIK 利息。

Further, the transaction not only significantly reduced leverage levels but extended the maturity of most of our overall debt profile.

此外，該交易不僅大幅降低了槓桿水平，還延長了我們大部分整體債務的到期日。

We view this as an important resetting of our balance sheet, one that supports, in many ways, a reset of our business, as we target sustainable operations and renewed growth.

我們認為這是對我們資產負債表的重要調整，在許多方面都支持我們業務的調整，因為我們的目標是實現永續營運和重新成長。

Clearly, we were disappointed by this quarter's results, which I will now summarize before outlining with as much specificity as this forum permits our path forward.

顯然，我們對本季度的業績感到失望，我現在將對其進行總結，然後儘可能詳細地概述我們未來的發展方向（在這個論壇允許的範圍內）。

Net revenue of $70.2 million came in within our guided range but, nevertheless, represents a 13% (sic - see Financial Report, "13.3%") decline year over year, as we faced ongoing category challenges. This quarterly net revenue declined, coupled with a less favorable product mix and higher trade promotion spending versus the prior year, put pressure on gross margin, even as conversion costs fell on a year-over-year basis.

淨收入為7,020萬美元，符合預期範圍，但年減13%（原文如此，請參閱財務報告「13.3%」）。我們面臨持續的品類挑戰。本季淨收入下降，加上產品組合不利以及貿易促銷支出較上年同期增加，即使轉換成本同比下降，也對毛利率造成了壓力。

Lower volumes also reduced fixed cost absorption. We continue to experience a transitory accounting drag in the form of $1.7 million in non-cash charges related to the suspension of our China operational activities.

銷量下降也導致固定成本吸收減少。此外，由於暫停在中國的業務活動，我們仍需承擔170萬美元的非現金費用，將對會計績效造成暫時性拖累。

Accordingly, gross margin landed at 10.3% in the third quarter, down from 17.7% in the year-ago period.

因此，第三季毛利率為 10.3%，低於去年同期的 17.7%。

Operating expenses, excluding a large non-cash impairment charge relating to certain long-lived assets, improved on both a year-over-year and sequential basis.

不包括與某些長期資產相關的大額非現金減損支出，營運費用較去年同期和較上季均有所改善。

I should note that operating expense in the third quarter included substantial non-routine expenses, a future that makes our cost cutting appear more incremental than our underlying progress would suggest.

需要指出的是，第三季的營運支出包括大量非經常性支出，這使得我們的成本削減看起來比我們實際取得的進展要少。

Highly conscious of the opportunity of substantial delevering and increased liquidity provides, we are intensely focused on the five following steps towards sustainable operations and return to growth:

我們充分意識到大幅去槓桿化和增加流動性所帶來的機遇，因此正全力以赴地推進以下五個步驟，以實現可持續運營和恢復增長：

One, we continue to address misinformation surrounding our plant-based needs. As many of you are aware, as industrial livestock and pharmaceutical interest rally around scare tactics and misinformation to confuse consumers, we are driving the health profile of our products to greater heights so as to reduce the disingenuous to be absurd.

首先，我們會持續澄清圍繞植物性食品的各種誤解。正如許多人所知，工業化畜牧業和製藥業利用恐嚇手段和虛假資訊來迷惑消費者，因此，我們正在不斷提升產品的健康價值，以駁斥那些不實之言。

The results of our multiyear efforts is a growing range of products, such as the Beyond Pork platform and Beyond Steak that deliver on taste with ingredient and nutritional profiles; and have earned various accreditations and recognitions in the Clean Label Project, American Diabetes Association, and American Heart Association; and enthusiastic support from an impressive assembly of leading medical nutrition experts.

經過多年的努力，我們推出了一系列產品，例如 Beyond Pork 平台和 Beyond Steak，這些產品在口味上兼顧了成分和營養成分；並在清潔標籤項目、美國糖尿病協會和美國心臟協會等機構獲得了各種認證和認可；並得到了眾多領先的醫學營養專家的熱情支持。

More of this journey is shared in our short, approximately nine-minute documentary on YouTube, PLANTING CHANGE. This defining commitment is made clear in product advertising that highlights impressive ratios of protein to saturated fat, cholesterol, and calories, together with great taste and clean, simple, limited ingredients.

更多旅程詳情，請觀看我們長達約九分鐘的YouTube紀錄片《播種變革》。我們始終秉持這項堅定承諾，並在產品廣告中專注於其蛋白質與飽和脂肪、膽固醇和卡路里的出色比例，以及絕佳的口感和純淨、簡單、精簡的配料。

It is also made clear in our innovation roadmap, where new products are designed to reinforce this message. Consider, for example, are Beyond Chicken pieces, which, although still gaining national retail distribution, has achieved considerable taste and nutrition accolades, while delivering 21 grams of protein per serving with zero cholesterol and less than 1 gram of saturated fat from heart healthy avocado oil, all in just 150 calories.

我們的創新路線圖也明確指出，新產品的設計旨在強化這個理念。例如，Beyond Chicken 雞塊雖然仍在全國零售通路拓展中，但已獲得相當高的口味和營養價值評估。每份含有 21 克蛋白質，零膽固醇，飽和脂肪含量低於 1 克（來自有益心臟健康的酪梨油），而熱量僅為 150 卡路里。

We've recently opened Beyond Test Kitchen, where consumers get the early opportunity to buy our latest innovation before hits supermarket shelves. The first two innovations on this direct-to-consumer platform purposely exemplify our commitment, delivering taste and strong macro nutrient ratios with clean, simple, and limited ingredients.

我們最近開設了「超越測試廚房」（Beyond Test Kitchen），讓消費者有機會在產品正式上架超市前搶先體驗我們的最新創新。此直銷平台上的首批兩款創新產品，旨在充分體現我們對品質的承諾：採用純淨、簡單、精簡的原料，打造美味可口、營養均衡的宏量營養素組合。

One is Beyond Steak Filet, which provides 28 grams of protein with zero cholesterol and only 1 gram of saturated fat from heart-healthy avocado oil, all with only 230 calories per serving.

其中一款是 Beyond Steak Filet，每份含有 28 克蛋白質，零膽固醇，僅含 1 克來自有益心臟健康的酪梨油的飽和脂肪，熱量僅為 230 卡路里。

The other is the Beyond Ground platform. Simply put, Beyond Ground is a center-of-the-plate protein that confidently stands on its own. It's not trying to mimic any species of animal, say a cow, chicken, or pig; and is consistent with our increasing emphasis on using Beyond versus Beyond Meat as our primary brand identifier.

另一個是 Beyond Ground 平台。簡而言之，Beyond Ground 是一款主打蛋白質的產品，它本身就極具競爭力。它並沒有試圖模仿任何動物物種，例如牛、雞或豬；這與我們日益重視使用 Beyond 而非 Beyond Meat 作為主要品牌標識的理念相一致。

It is made with only four ingredients: water, fava bean protein, potato protein, and psyllium husk. Each serving delivers an impressive 27 grams of protein and 4 grams of fiber, all in just 140 calories with no cholesterol, zero saturated fat, and no edit oils.

它僅由四種成分製成：水、蠶豆蛋白、馬鈴薯蛋白和洋車前子殼。每份含有高達 27 克的蛋白質和 4 克的膳食纖維，熱量僅 140 卡路里，不含膽固醇、飽和脂肪和植物油。

The original design is a blind [canvas] to be seasoned as a consumer would like. To our delight, we are watching early adopters to develop a host of recipes around it. For those who prefer a seasoned variety, we're also selling a Tuscan tomato, a Korean barbecue, and Chipotle Pineapple version.

最初的設計就像一塊空白畫布，供消費者依照自己的喜好來調味。令人欣喜的是，我們看到一些早期用戶圍繞它開發了各種各樣的食譜。對於喜歡已調味口味的顧客，我們也提供托斯卡納番茄味、韓式烤肉味和墨西哥辣椒鳳梨口味的版本。

Two, we are building back distribution in US Retail and US Foodservice.

第二，我們正在重建美國零售和美國餐飲服務領域的通路。

In US Retail, we are successfully rebuilding distribution and seeking to consolidate our brand, where possible, into brand blocks. As you will recall, over the last 18 to 24 months, we've seen a substantial migration of our products from the refrigerated meat aisle to the frozen meat aisle and frozen meat alternative aisle.

在美國零售領域，我們正在成功重建分銷管道，並盡可能將品牌整合到品牌板塊中。您可能還記得，在過去的18到24個月裡，我們看到我們的產品已從冷藏肉類貨架轉移到冷凍肉類貨架和冷凍肉類替代品貨架上。

Though we believe that, ultimately, plant and animal protein should be offered to consumers in equally prominent locations in the supermarket; and, ideally, in the same section to facilitate convenience and choice.

儘管我們認為，最終應該在超市中以同樣顯眼的位置向消費者提供植物蛋白和動物蛋白；理想情況下，最好在同一區域提供，以方便消費者選擇。

The unplanned and, at times, chaotic transition, replete with long periods without product availability at all, followed by consumers' lack of awareness regarding new placement, has been damaging to our business.

這種毫無計劃且有時混亂的過渡，伴隨著長時間的產品完全缺貨，以及消費者對新通路缺乏了解，對我們的業務造成了損害。

Accordingly, we are now encouraging the consolidation of our brand, where possible, within brand blocks in the frozen section of supermarkets to reduce what can seem like a game of hide-and-go-seek for the consumer.

因此，我們現在鼓勵盡可能將我們的品牌整合到超市冷凍區的品牌板塊中，以減少消費者可能遇到的捉迷藏般的體驗。

As we rebuild our presence in US Retail, we are prioritizing consolidated offerings at high-impact chains to drive results. For example, in October, we announced plans with Walmart to increase availability of select products at over 2,000 stores nationwide, including our new Beyond Burger 6-Pack, which is designed to offer consumers value during a sustained period of economic stress.

隨著我們重建在美國零售市場的業務，我們優先考慮在高影響力連鎖店推出整合產品，以推動業績成長。例如，10月份，我們宣布與沃爾瑪合作，計劃在全美2000多家門市增加部分產品的供應，其中包括我們新推出的Beyond Burger 6包裝，旨在為消費者在持續的經濟壓力時期提供更多選擇。

In US Foodservice, we are adjusting our go-to-market strategy to capture a higher percentage of operators whose consumer base assigns value to our award-winning non-GMO, plant-based meats, made from simple and clean ingredients.

在美國餐飲服務業，我們正在調整市場進入策略，以吸引更多業者，這些業者的消費者群體重視我們屢獲殊榮的非基因改造植物肉，這些植物肉由簡單乾淨的原料製成。

Though we expect a renewal of interest in plant-based meats in the broader restaurant segment in the United States, particularly as the price of animal protein continues to rise and we start to achieve the necessary scale to consistently underprice it, for the time being, we see room for growth within institutions, restaurant chains, and other establishments that are more directly and explicitly focused on health and clean ingredients.

儘管我們預計，隨著動物性蛋白質價格持續上漲，以及我們開始達到持續低價所需的規模，美國更廣泛的餐飲領域對植物肉的興趣將會重新燃起，但就目前而言，我們認為在那些更直接、更明確地關注健康和清潔食材的機構、連鎖餐廳和其他場所中，植物肉還有增長空間。

Accordingly, we are increasing our investments against these specific targets.

因此，我們將加大對上述特定目標的投資。

Three, through our [Transformation Office and Program], we are implementing further actions to reduce and reset our operating expenses. We continue to seek to more fundamentally; and more quickly reset our operating base.

第三，我們正透過轉型辦公室和項目，採取進一步措施來降低和調整營運成本。我們將繼續尋求從根本上、更快地重塑營運基礎。

As you recall, we have enlisted the restructuring support of AlixPartners, including our appointment of John Boken as Chief Transformation Officer, to accelerate the work of our Transformation Office. We are deep into this process and are committed to positioning the business for a more fundamental resizing of operating expense.

如您所知，我們已聘請 AlixPartners 提供重組支持，包括任命 John Boken 為首席轉型官，以加快轉型辦公室的工作。我們正深入推進這項工作，並致力於使業務能夠從根本上調整營運支出規模。

Further, this underlying series of actions relating to our base operating expense is joined by what we believe will be a reduction in certain non-routine and non-recurring spend that burden our operating expense in 2025.

此外，我們認為，在 2025 年，減少某些非常規和非經常性支出，將減輕我們營運費用的負擔，同時，與基本營運費用相關的這一系列措施也將得到實施。

Four, through our Transformation Officer and Program, we are taking additional action to expand margin in the currently constrained demand environment. We have and will continue to take steps to exit certain unprofitable product lines, while we configure and others are making targeted investments in our facilities, including a continuous production line for certain popular but currently lower-margin products and are doing extensive RFP work to drive competition and lower pricing within our supply chain.

第四，我們正透過轉型專員和轉型計劃，採取額外措施在當前需求受限的環境下擴大利潤率。我們已經並將繼續採取措施，逐步淘汰某些無利可圖的產品線；同時，我們正在調整現有設施，並有針對性地進行投資，包括為某些熱門但目前利潤率較低的產品建設一條連續生產線；此外，我們還在積極開展招標工作，以促進供應鏈內部的競爭並降低價格。

As with operating expense, we expect this underlying margin progress to be accompanied by the retirement of certain drags previously mentioned, such as the charge for China-related depreciation; and remain committed to the goal of laddering margins back to 30%-plus.

與營運費用一樣，我們預計這種基本利潤率的改善將伴隨著先前提到的某些拖累因素的消除，例如與中國相關的折舊費用；並將繼續致力於將利潤率逐步提升至 30% 以上的目標。

Five, we are considering certain strategic initiatives that, if successful, could help accelerate our return to growth. The path articulated above addresses the core challenges our business faces: the need to counter misinformation and change product narrative around our products; re-establish distribution and improve product availability in the US Retail and Foodservice markets; and drive significant operating expense reduction and margin expansion through our Transformation Office and Program.

第五，我們正在考慮一些策略性舉措，如果成功，將有助於加速我們恢復成長。上述路徑旨在應對我們業務面臨的核心挑戰：消除圍繞我們產品的虛假資訊並改變產品宣傳；重建分銷管道並提高產品在美國零售和餐飲服務市場的供應；以及透過我們的轉型辦公室和專案大幅降低營運成本並提高利潤率。

These, along with other similar efforts, are designed to support the achievement of EBITDA-positive operations as soon as possible, even in an environment where demand remains subdued for the near term.

這些措施以及其他類似措施旨在支持盡快實現 EBITDA 為正的運營，即使在短期內需求依然低迷的環境下也是如此。

We do, however, see the potential for growth outside of these actions, when we take a more comprehensive view of the Beyond brand technology across our US and European markets. We will be exploring this in quarters to come.

然而，當我們更全面地審視Beyond品牌技術在美國和歐洲市場的表現時，我們看到了除上述措施之外的成長潛力。我們將在未來幾季對此進行深入探討。

It would be too early to provide further information today for a host of reasons. As such, I'll leave the subject now for future updates.

由於種種原因，今天提供更多資訊還為時過早。因此，我暫時擱置這個問題，留待日後更新。

In closing, as those of you who have followed us closely know well, over the last decade or so, we've lived at the forefront of the rise and precipitous destabilization of a nascent industry, with a deeply disruptive potential. All too typical of the heavy turbulence experienced by a company so closely wedded to emerging innovation, we've, as they say, been through it.

最後，正如一直關注我們的各位所知，在過去的十年左右時間裡，我們始終站在一個新興行業的最前沿，見證了它的崛起和急劇動盪，而這個行業也蘊藏著巨大的顛覆性潛力。對於一家與新興創新緊密相連的公司來說，經歷如此劇烈的動盪是司空見慣的，正如人們常說的，我們已經歷經磨難。

Along this journey, I have sought to characterize our response as harnessing adversity to grow stronger, better, and more capable of achieving our long-term vision. More than any time over the last six-plus years of being a public company, we have the opportunity today to reset our business and service to sustainable growth, on behalf of all shareholders and on behalf of our mission.

一路走來，我一直努力將我們的因應策略概括為：化逆境為動力，不斷成長，變得更強大、更優秀，更有能力實現我們的長期願景。在過去六年多的上市公司生涯中，我們比以往任何時候都更有機會重塑業務和服務，實現永續成長，這不僅是為了所有股東的利益，也是為了我們自身的使命。

We are [buoyed by] -- and I am personally moved by -- the tremendous support we have seen from retail investors, from throughout the United States all the way to Korea; and have great enthusiasm for winning on their behalf.

我們深受鼓舞——我個人也深受感動——來自美國各地乃至韓國的散戶投資者給予的巨大支持；我們滿懷熱情地希望為他們贏得勝利。

We are acutely aware of having more challenges to overcome, more misinformation to counter, more cost to cut, and more margin to expand. We've been in our turnaround phase for too long. Moving forward, you will not simply see more of the same from us. There is plenty of fight left in Beyond, an enormous enthusiasm to use this reset to hasten our future as a global protein company of tomorrow.

我們深知，未來還有更多挑戰需要克服，更多假資訊需要應對，更多成本需要削減，更多利潤空間需要擴大。我們的轉型期已經持續太久了。展望未來，我們絕不會墨守成規。 Beyond 團隊依然鬥志昂揚，充滿熱情地希望利用這次調整，加速邁向未來全球蛋白質公司的目標。

With that, I will now turn the call over to Lubi.

接下來，我將把電話交給盧比。

Thank you, Ethan. Good afternoon, everyone.

謝謝你，伊森。大家下午好。

I'll begin by reviewing our financial results for the quarter before providing some brief remarks on our outlook for the fourth quarter and, finally, commenting on the significant balance sheet initiatives we completed subsequent to the end of our third quarter.

首先，我將回顧本季的財務業績，然後簡要談談我們對第四季度的展望，最後，評論一下我們在第三季末之後完成的重大資產負債表舉措。

Total net revenues decreased 13.3% to $70.2 million in the third quarter of 2025 compared to $81 million in the year-ago period. The decrease in net revenues was primarily driven by a 10.3% decrease in the volume of products sold and a 3.3% decrease in net revenue per pound. The year-over-year weakness in volume of products sold continues to reflect general softness in the plant-based meat category, as well as select distribution losses and, to a lesser extent, impacts from competitive activity.

2025年第三季總淨收入為7,020萬美元，較上年同期的8,100萬美元下降13.3%。淨收入下降的主要原因是產品銷售下降10.3%以及每磅淨收入下降3.3%。產品銷售較去年同期疲軟持續反映出植物肉類類的整體疲軟態勢，以及部分通路的損失，此外，競爭活動的影響也相對較小。

While category dynamics in our key international markets remain more favorable than the US, two of our top 3 markets in the EU have also been experiencing year-over-year declines, according to consumer takeaway data. This underscores the current reach of the soft macroeconomic environment in plant-based meat that we continue to navigate.

儘管我們主要國際市場的品類動態仍比美國更為有利，但根據消費者外送數據，我們在歐盟的三大市場中有兩個也出現了同比下滑。這凸顯了當前疲軟的宏觀經濟環境對植物肉市場的影響，而我們仍在努力應對這項挑戰。

With respect to pricing, the year-over-year decrease in net revenue per pound was primarily driven by higher trade discounts, reflecting, in part, reduced promotional efficiency, as well as changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates.

就定價而言，每磅淨收入年減主要是由於貿易折扣增加，部分反映了促銷效率降低以及產品銷售組合的變化，但部分被有利的外匯匯率變化所抵消。

Taking a closer look by channel, US Retail net revenues decreased 18.4% to $28.5 million in the third quarter of 2025 compared to $35 million in the year-ago period. The decrease in net revenues was primarily driven by a 12.6% decrease in volume of products sold, mainly reflecting weak category demand and reduced points of distribution; and a 6.6% decrease in net revenue per pound. Net revenue per pound was negatively impacted by higher trade discounts and price decreases of certain of our products, partially offset by favorable changes in product sales mix.

以通路細分來看，2025年第三季美國零售淨收入年減18.4%至2,850萬美元，去年同期為3,500萬美元。淨收入下降的主要原因是產品銷售下降12.6%，這主要反映了品類需求疲軟和分銷點減少；以及每磅淨收入下降6.6%。每磅淨收入的下降受到貿易折扣增加和部分產品降價的負面影響，但部分被產品銷售組合的有利變化所抵消。

In our US Foodservice channel, net revenues decreased 27.3% to $10.5 million in the third quarter of 2025 compared to $14.5 million in the year-ago period. The decrease in net revenues was primarily driven by a 27.1% decrease in volume of products sold. This decrease in volume was primarily driven by weak category demand and the lapping of a limited-time offering of our chicken products at a QSR customer in the year-ago period.

在美國餐飲服務通路，2025年第三季淨收入年減27.3%至1,050萬美元，去年同期為1,450萬美元。淨收入下降的主要原因是產品銷售下降27.1%。銷售量下降的主因是品類需求疲軟，以及去年同期我們為一家快餐連鎖客戶限時供應的雞肉產品庫存已售罄。

Turning to International, in International Retail, net revenues decreased 4.6% to $15.8 million in the third quarter of 2025 compared to $16.6 million in the year-ago period. The decrease in net revenues was primarily driven by a 12.5% decrease in volume of products sold, partially offset by a 9.1% increase in net revenue per pound. The decrease in volume was primarily driven by reduced sales of our Burger, Dinner Sausage, and Chicken products, mainly in Europe, where, as I mentioned earlier, two of our top 3 markets are also experiencing softer (technical difficulty).

國際業務方面，2025年第三季國際零售業務淨收入年減4.6%至1,580萬美元，去年同期為1,660萬美元。淨收入下降的主要原因是產品銷售下降12.5%，但每磅淨收入成長9.1%部分抵銷了銷售下降的影響。銷售量下降的主要原因是漢堡、香腸和雞肉產品的銷售量減少，尤其是在歐洲。正如我之前提到的，我們三大主要市場中的兩個也正面臨疲軟的局面（技術故障）。

The year-over-year increase in net revenue per pound in International Retail was primarily driven by favorable changes in foreign currency exchange rates, price increases of certain of our products, and changes in product sales mix, partially offset by higher trade discounts.

國際零售業務每磅淨收入年增主要得益於外匯匯率的有利變化、部分產品價格上漲以及產品銷售組合的變化，但部分被更高的貿易折扣所抵銷。

Finally, International Foodservice net revenues increased 2.4% (sic - see Financial Results, "2.3%") to $15.3 million in the third quarter of 2025 compared to $15 million in the year-ago period. The increase in net revenues was primarily driven by a 4.4% increase in volume of products sold, reflecting higher sales of chicken products to a QSR customer, partially offset by reduced Burger sales to certain QSR customers.

最後，國際餐飲服務業務淨收入在2025年第三季度增長2.4%（原文如此，參見“財務業績”，其中“2.3%”應為“2.4%”），達到1530萬美元，而去年同期為1500萬美元。淨收入的成長主要得益於產品銷售成長4.4%，這反映了向一家快餐連鎖店客戶銷售雞肉產品的成長，但部分成長被向某些速食連鎖店客戶銷售漢堡產品數量的下降所抵銷。

Net revenue per pound decreased 2% compared to the year-ago period, primarily driven by changes in product sales mix, partially offset by favorable changes in foreign currency exchange rates and reduced trade discounts.

每磅淨收入較上年同期下降 2%，主要原因是產品銷售組合的變化，部分被有利的外匯匯率變化和貿易折扣減少所抵銷。

Moving down the P&L, gross profit in the third quarter was $7.2 million or gross margin of 10.3% compared to gross profit of $14.3 million or gross margin of 17.7% in the year-ago period. Gross profit and gross margin in the third quarter of 2025 included $1.7 million in expenses related to the suspension and substantial cessation of our operational activities in China.

從損益表來看，第三季毛利為720萬美元，毛利率為10.3%，去年同期毛利為1,430萬美元，毛利率為17.7%。 2025年第三季的毛利和毛利率包含了與我們在中國暫停和大幅停止營運活動相關的170萬美元費用。

More generally, our gross margin also continues to be weighed down by lower volume, which is negatively impacting fixed cost absorption within our manufacturing facilities; and, more recently, by higher trade discounts as a percentage of gross revenues.

更普遍而言，我們的毛利率也持續受到銷售下降的拖累，這對我們製造工廠的固定成本吸收產生了負面影響；而且，最近還受到貿易折扣佔總收入比例上升的影響。

While our total cost of goods sold per pound increased on a year-over-year basis, primarily reflecting higher materials costs and inventory provision, we made positive progress on reducing our conversion and logistics costs.

雖然我們每磅商品的總銷售成本比去年同期增加，主要反映了材料成本和庫存準備金的增加，但我們在降低加工和物流成本方面取得了積極進展。

In this regard and through various initiatives under our Transformation Office, we are pursuing additional investments, which we expect to further benefit our conversion costs, beginning in the early part of next year. We are optimizing our supply chain to bring additional savings out of our logistics costs in the US.

為此，我們正透過轉型辦公室下屬的各項舉措，尋求更多投資，預計這將從明年年初開始進一步降低我們的轉型成本。同時，我們也在優化供應鏈，以進一步降低我們在美國的物流成本。

Lastly, as Ethan mentioned, we have also begun extensive RFP work to pursue potential savings on our materials costs.

最後，正如 Ethan 所提到的，我們也已經開始進行廣泛的 RFP 工作，以尋求在材料成本方面節省開支。

Now turning to operating expenses, OpEx for the third quarter of 2025 was $119.6 million, which included $77.4 million in non-cash impairment charges related to certain of our long-lived assets. With regard to the impairment, in accordance with accounting guidance under ASC 360, when certain triggering events or combination of events have occurred, we are required to review our long-lived assets for potential impairment.

現在來看營運費用，2025年第三季的營運支出為1.196億美元，其中包括與部分長期資產相關的7,740萬美元非現金減損費用。關於減損，根據ASC 360的會計準則，當發生某些觸發事件或一系列觸發事件時，我們需要對長期資產進行減損評估。

Given our lower-than-expected performance through the first three quarters of 2025, our view that the ongoing softness in the plant-based meat category is likely to persist longer than previously anticipated, and the decrease in our stock price during the quarter, we determined that triggering events had occurred and performed a quantitative assessment that concluded that an impairment existed, as of September 27, 2025.

鑑於我們在 2025 年前三個季度的業績低於預期，我們認為植物肉類類的持續疲軟可能會比之前預期的持續更長時間，以及我們股價在本季度的下跌，我們確定觸發事件已經發生，並進行了定量評估，得出結論：截至 2025 年 9 月 27 日，存在減值。

The total impairment amount of $77.4 million was recorded as a loss on our income statement and allocated to PP&E, operating lease ROU assets, and prepaid lease costs on our balance sheet.

總計減損金額 7,740 萬美元已在我們的損益表中記錄為損失，並分配到資產負債表中的固定資產、經營租賃使用權資產和預付租賃成本。

In addition to the impairment charge, operating expenses in the third quarter of 2025 also included certain non-routine items, as summarized in our earnings press release, totaling approximately $2.1 million.

除了減損費用外，2025 年第三季的營運費用還包括一些非常規項目，如我們的獲利新聞稿中所述，總計約 210 萬美元。

Excluding these items and the impairment charge, operating expenses in the third quarter of 2025 decreased as compared to the year-ago period, primarily driven by reduced marketing expenses and reduced salaries and related expenses for non-production staff.

在剔除這些項目和減損費用後，2025 年第三季的營運費用較上年同期下降，主要原因是行銷費用減少以及非生產人員的薪資和相關費用減少。

Below the line, total other income, net, was $1.6 million in the third quarter of 2025 compared to total other income, net, of $4.4 million in the year-ago period, primarily due to a reduction in net realized and unrealized foreign currency transaction gains, an increase in interest expense related to finance leases, and our delayed draw term loan facility, partially offset by a benefit from the remeasurement of warrant liability, as well as interest income.

2025 年第三季其他淨收入總額為 160 萬美元，而去年同期為 440 萬美元，主要原因是已實現和未實現外匯交易淨收益減少、融資租賃相關利息支出增加以及我們的延期提取定期貸款安排，部分被認股權證負債重新計量帶來的收益以及利息收入所抵消。

Overall, net loss, inclusive of the aforementioned impairment charge, was $110.7 million in the third quarter of 2025 compared to $26.6 million in the year-ago period. Net loss per common share was $1.44 in the third quarter of 2025 compared to net loss per common share of $0.41 in the year-ago period.

整體而言，計入上述減損支出後，2025年第三季淨虧損為1.107億美元，去年同期為2,660萬美元。 2025年第三季每股普通股淨虧損為1.44美元，去年同期每股普通股淨虧損為0.41美元。

Adjusted EBITDA was a loss of $21.6 million or minus 30.8% of net revenues in the third quarter of 2025 compared to an adjusted EBITDA loss of $19.8 million or minus 24.4% of net revenues in the year-ago period.

2025 年第三季調整後 EBITDA 虧損 2,160 萬美元，佔淨收入的 30.8%，而上年同期調整後 EBITDA 虧損 1,980 萬美元，佔淨收入的 24.4%。

Turning to our balance sheet and cash flow highlights, our cash and cash equivalents balance, including restricted cash, was $131.1 million. Total outstanding debt was approximately $1.2 billion, as of September 27, 2025.

從資產負債表及現金流量表的要點來看，截至2025年9月27日，我們的現金及現金等價物餘額（包括受限現金）為1.311億美元。未償債務總額約12億美元。

Net cash used in operating activities was $98.1 million in the nine months ended September 27, 2025, compared to $69.9 million in the year-ago period. While this increased rate of cash used from operating activities partly reflects the negative impact of reduced sales and gross profit, among other things, it is also worth noting that several non-routine factors, including those related to our balance sheet initiatives and certain non-routine legal expenses, have also meaningfully added to cash use this year.

截至2025年9月27日的九個月，經營活動所用現金淨額為9,810萬美元，而去年同期為6,990萬美元。經營活動現金流出率的上升部分反映了銷售額和毛利下降等因素帶來的負面影響，但值得注意的是，一些非常規因素，包括與資產負債表調整計劃相關的因素以及某些非常規法律費用，也顯著增加了今年的現金流出。

Capital expenditures totaled $9.3 million in the nine months ended September 27, 2025, compared to $4.5 million in the year-ago period, largely reflecting increased investments in manufacturing capabilities intended to improve our production efficiency and expand our gross margin.

截至 2025 年 9 月 27 日的九個月內，資本支出總額為 930 萬美元，而去年同期為 450 萬美元，這主要反映了對製造能力的投資增加，旨在提高我們的生產效率並擴大我們的毛利率。

Net cash provided by financing activities was $87.8 million in the nine months ended September 27, 2025, compared to net cash used in financing activities of $1.3 million in the year-ago period. The year-over-year increase in net cash provided by financing activities primarily reflects draws in the aggregate amount of $100 million from our delayed draw term loan facility, partially offset by related debt issuance costs.

截至2025年9月27日的九個月內，融資活動產生的現金流量淨額為8,780萬美元，而去年同期融資活動所使用的現金流量淨額為130萬美元。融資活動產生的現金流量淨額年增率主要反映了從延期提取定期貸款額度中提取了總計1億美元的資金，部分被相關的債務發行成本所抵銷。

I'll now touch briefly on our outlook for the balance of the year. As I indicated earlier in my remarks, we continue to navigate a soft and uncertain macroeconomic environment across several of our key geographies. Under these circumstances, it is difficult to forecast our operating results beyond the limited horizon. We are, therefore, continuing to provide only limited guidance around our near-term revenue expectations.

接下來，我將簡要地談談我們對今年剩餘時間的展望。正如我之前提到的，在我們幾個主要地區，宏觀經濟環境仍然疲軟且充滿不確定性。在這種情況下，我們很難對未來一段時間的經營績效做出預測。因此，我們目前只能就近期營收預期提供有限的指引。

Specifically, in the fourth quarter of 2025, we expect net revenues to be in the range of $60 million to $65 million, reflecting, among other things, ongoing demand weakness in the plant-based meat category and the anticipated impact from distribution losses at certain QSR customers.

具體而言，我們預計 2025 年第四季淨收入將在 6,000 萬美元至 6,500 萬美元之間，這反映出植物肉類類持續疲軟的需求以及某些快餐店客戶分銷損失的預期影響等因素。

Before closing, I'll take a moment to discuss some key events with respect to our balance sheet that occurred subsequent to the end of our third quarter.

在結束之前，我將花一點時間討論第三季結束後發生的與我們資產負債表相關的一些重要事件。

On October 29, we announced the final tender results of our previously communicated debt exchange offer. Successfully tendered notes in connection with the exchange offer represented just over 97% (sic -see Financial Results, "97.44%") of the aggregate outstanding principal amount of our 2027 convertible notes. Said differently, all but $29.5 million (sic - see Financial Results, "$29.459 million") of the original $1.15 billion aggregate principal amount of the 2027 convertible notes were successfully tendered in the exchange offer.

10月29日，我們公佈了先前已公佈的債務交換要約的最終投標結果。成功參與此交換要約的債券占我們2027年到期可轉換債券未償還本金總額的97%以上（原文如此，參見“財務業績”，97.44%）。換言之，在2027年到期可轉換債券11.5億美元的未償還本金總額中，除2950萬美元（原文如此，參見“財務業績”，2945.9萬美元）外，其餘債券均已成功參與此次交換要約。

We believe this is a significant outcome that goes a long way in strengthening our company's balance sheet for the long term by substantially reducing our total debt outstanding and simultaneously extending the maturity of the vast majority of our remaining debt obligations.

我們認為這是一個意義重大的結果，它透過大幅減少未償債務總額並同時延長剩餘債務的絕大部分期限，從長遠來看，這將大大增強我們公司的資產負債表實力。

Following the final settlement date on October 30, as part of the exchange offer, a total of approximately $209.7 million (sic - see Financial Results, "$209.721 million") in aggregate principal amount of new second-lien convertible notes and approximately 318 million new shares of common stock have been issued to previous holders of the 2027 convertible notes who participated in the exchange offer.

在 10 月 30 日的最終結算日之後，作為交換要約的一部分，已向參與交換要約的 2027 年可轉換票據的先前持有人發行了總計約 2.097 億美元（原文如此 - 參見財務業績，“2.09721 億美元”）的新第二留置權可轉換成普通票據可轉換成普通票據。

In addition, and separate from the exchange offer, subsequent to the end of the third quarter, we sold approximately (technical difficulty) of common stock under our ATM program, generating approximately $148.7 million in proceeds, net of selling commissions.

此外，與換股要約分開，在第三季結束後，我們根據 ATM 計劃出售了約（技術困難）股普通股，扣除銷售佣金後，淨收益約為 1.487 億美元。

As with the exchange offer, we believe this incremental capital infusion goes a long way in strengthening our balance sheet for the coming quarters and further supports our efforts to execute our turnaround plan.

與換股要約一樣，我們相信此次新增資金注入將大大增強我們未來幾季的資產負債表，並進一步支持我們執行扭虧為盈計畫的努力。

Notwithstanding these developments, we intend to continue to pursue our near-term objectives with urgency and discipline, as we target the achievement of sustainable operations as quickly as possible.

儘管出現了這些情況，我們仍將以緊迫感和紀律性繼續追求我們的近期目標，力爭盡快實現永續營運。

With that, I'll turn the call over to the operator to open it up for your questions. Thank you.

那麼，我將把電話轉交給接線員，由她來回答您的問題。謝謝。

(Operator Instructions)

（操作說明）

Ben Theurer, Barclays.

本·圖雷爾，巴克萊銀行。

Thanks for the detailed prepared remarks. Congrats on some of the refinancing stuff.

感謝您準備的詳細發言稿。恭喜您在部分再融資事宜上取得進展。

Two quick ones I had for you.

我這裡有兩個簡短的問題想問你。

Number one, Ethan, you talked about your path to get back to a gross profit margin of 30%-plus, which is clearly something you used to have in the past. Many years ago, even with the sales level that's comparable to what we have right now, you were able to achieve that.

首先，伊森，你談到如何將毛利率恢復到30%以上，這顯然是你過去曾經達到的水平。很多年前，即使銷售額和我們現在的情況差不多，你也能夠實現這個目標。

So just to help us maybe understand, what's currently holding you back of being as profitable as you may have been back in 2019, when sales was just around that high $200 million, close to $300 million mark, but gross margin was actually in the low 30%s? That would be my first question.

為了幫助我們更好地理解，目前是什麼阻礙了您達到2019年的獲利水準？當時您的銷售額接近2億美元，甚至接近3億美元，但毛利率只有30%左右。這是我的第一個問題。

And then, I have a quick one for Lubi on the financing piece.

然後，我還有一個關於融資方面的問題要問盧比。

Great. Good to hear from you. Thanks very much for the question.

太好了。很高興收到你的來信。非常感謝你的提問。

I think, if you look at our history on margin -- first of all, I appreciate you recognizing that this is not something that is just only future-oriented, we've had healthy margins in the past. I think the main drag that you see throughout the P&L is the lower top line.

我認為，如果你回顧我們的利潤率歷史——首先，我很感謝你認識到這並非僅僅是未來趨勢，我們過去也曾擁有健康的利潤率。我認為，損益表上的主要拖累因素是較低的營收。

We built a system that was for much higher revenue than we're currently facing. And so we've been going through the process of trying to scale that back and deal with things like lower overhead absorption and things of that nature.

我們當初建構的系統預期收入遠高於目前的水準。因此，我們一直在努力縮減規模，並處理諸如降低營運成本分攤等類似問題。

But I think it's really almost a tale of two different trends.

但我認為這實際上幾乎是兩種不同趨勢的故事。

One is we have this lower top line, which is reverting throughout the P&L. There's some pressure on margin, as a result of mix. Some of our more popular products recently have been lower-margin items. We have a little bit of higher material costs. We had to -- [knick-knacks], like the China depreciation charge I referenced, among others.

一方面，我們的營收有所下降，而且這種下降趨勢正在影響整個損益表。由於產品組合的變化，利潤率也面臨一些壓力。我們最近一些比較暢銷的產品利潤率較低。此外，我們的原料成本略有上升。我們不得不——比如我之前提到的中國折舊費用等等。

So those things are weighing down overall margin. It's just a question of calibrating the production capacity to the current level of demand is, I think, the biggest issue we have.

所以這些因素都在拉低整體利潤率。我認為，我們面臨的最大問題是如何根據當前的需求水準調整產能。

And then, second, there's a lot of underlying progress that's going on around our operations. You can see that now, this quarter, for example, in conversion costs, they're lower on a year-over-year basis.

其次，我們的營運方面也取得了許多實質進展。例如，您可以看到，本季轉換成本較去年同期有所下降。

But a lot of the progress is on a slightly longer timeframe. I expect it to start showing up in '26. And so I'm actually pretty confident that we can make a substantial step-change in our margin over the next several quarters.

但許多進展需要更長的時間才能顯現。我預計這些進展會在2026年開始顯現。因此，我相當有信心，在接下來的幾個季度裡，我們的利潤率能夠實現顯著的提升。

And so if you look at the implementation of the continuous production lines that we're putting in for some of those lower-margin products that are leading to some of the mix challenges we're having, those should be going in shortly. So we expect to see improvements from there.

因此，如果您專注於我們正在為一些低利潤產品（這些產品正是導致我們目前面臨的一些產品組合挑戰的原因）引入的連續生產線，這些生產線應該很快就會投入使用。所以我們預計屆時情況會有所改善。

We're looking at the RFP work that's going on now to pay dividends in '26. Some of that's actually underway now. We've seen some good savings with some key ingredients.

我們正在關注目前正在進行的招標工作，這些工作預計將在2026年帶來回報。其中一些工作實際上已經開始了。我們已經看到一些關鍵要素帶來了可觀的成本節約。

Of course, we'll continue to optimize our portfolio.

當然，我們會繼續優化我們的投資組合。

So I think the conservative outcome of all of this is a healthy margin at much lower volume. But the optimistic outcome of all of this really is as growth resumes and we put forward some really nice margins, right?

所以我認為，保守估計的結果是在銷售量大幅下降的情況下也能維持健康的利潤率。但樂觀估計的結果則是，隨著成長恢復，我們將實現非常可觀的利潤率，對吧？

And so if we can continue to drive this work, we'll at least get to healthy margins with a lower top line. But if we can get back to growth, all of this pays dividends that are, of course, much larger.

因此，如果我們能繼續推進這項工作，即使營收有所下降，至少也能實現健康的利潤率。但如果我們能恢復成長，所有這些努力帶來的回報當然會更大。

So I hope that was instructive.

希望這能對大家有幫助。

Okay. And then, Lubi one for you.

好的。然後，盧比，給你一個。

Can you help us maybe reconcile at the end of October or, whatever, a few days ago, what your cash balance looks like? Because, obviously, at the end of September, it was about, call it, $120 million, excluding the restricted piece of it.

您能否幫我們核對十月底或幾天前的現金餘額？因為很明顯，九月底的時候，現金餘額大約是1.2億美元，不包括受限部分。

So just to understand some of the ATM transactions plus some of that convert, has there been anything that's helped to get the cash balance up a little bit higher, just in light of the quarterly cash burn still somewhat relevant? To understand a little bit, like, what's the level of cash, right now?

所以，為了了解一些ATM交易以及部分兌換情況，有沒有什麼措施有助於提高現金餘額？考慮到季度現金消耗仍然很重要，我想了解一下，例如，目前的現金水平如何？

Yeah. The only thing we can really comment on that happened subsequent to the end of the quarter is what I discussed in my prepared remarks related to the ATM. Obviously, we've detailed in some of our other disclosures around the exchange offer that there is a certain amount of transaction fees that are associated with that. But we're not prepared, at this point, to quantify exactly how much that was.

是的。季度末之後發生的事情，我們唯一能評論的就是我在準備好的發言稿中提到的關於ATM機的問題。顯然，我們在關於換股要約的其他揭露文件中詳細說明了其中涉及一定的交易費用。但目前我們還不便透露具體金額。

But I think, if you look at the cash balance, where we ended the quarter, the third quarter, and then, you add in the incremental proceeds from the from the ATM, you would obviously have to make some assumptions about some transaction fees paid, as well as just the ongoing rate of cash consumption of the business to get to the number that you're looking for.

但我認為，如果你看一下第三季末的現金餘額，再加上 ATM 機的增量收入，你顯然需要對支付的一些交易費用以及企業持續的現金消耗率做出一些假設，才能得到你想要的數字。

But we can't, at this point, provide that specific information.

但目前我們無法提供具體資訊。

Just on the quarterly cash consumption: It's obviously something we're very, very focused on. We brought it down to much lower levels in the past. I think you should expect us to return to that.

關於季度現金消耗：這顯然是我們非常關注的重點。過去我們已經將其降至更低的水平。我認為你們應該會預期我們會恢復到那個水準。

We're obviously extremely focused on this EBITDA-positive goal. A lot of the transformation work that's going on is designed to really minimize cash use and, ultimately, turn it into cash generation.

我們顯然非常重視實現 EBITDA 為正的目標。目前正在進行的大量轉型工作旨在最大限度地減少現金消耗，並最終將其轉化為現金流。

But I think that this year has been characterized by a lot of non-recurring and non-routine expense. We've had the transaction going on. We've had this arbitration, which we were successful. We won that, which was a nice outcome, given that the facts there.

但我認為今年最大的特點是有很多非經常性和非例行性支出。我們一直在進行交易，也進行了仲裁，而且我們勝訴了。考慮到當時的情況，我們贏得了這場仲裁，這是一個不錯的結果。

So a lot of that, hopefully, will be burning off and we can get to (inaudible - microphone inaccessible).

所以，希望很多問題都能解決，我們就可以達到（聽不清楚 - 麥克風無法使用）。

Okay. Perfect. Thanks for that, Ethan. Thanks, Lubi.

好的，完美。謝謝你，伊森。謝謝你，盧比。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ethan Brown for any closing remarks.

我謹將會議交還給伊森·布朗，請他作總結發言。

Thank you. Thanks, folks, for joining.

謝謝大家。感謝各位的參與。

I think, given that we didn't have much Q&A, I might just spend a minute reinforcing some of the comments that I made during the prepared remarks.

鑑於我們沒有太多問答環節，我想我可能只需花一分鐘時間重申我在準備好的發言稿中提出的一些觀點。

One of the main things that we need to keep doing to return to growth is to change the narrative around our products and around the brand, in general. You've heard me talk about this many times, there is a very significant set of misinformation out there that slowly, I think, we are making progress toward and helping to erode.

為了重回成長軌道，我們需要持續做的關鍵事情之一就是改變圍繞我們產品和品牌的整體敘事方式。你們已經聽我多次提到這一點，目前存在著大量誤導性訊息，我認為我們正在逐步消除這些錯誤訊息。

But this is the key factor. We have spent so much time working on the health benefits of our products in the Beyond Pork platform and subsequent products that are just getting cleaner and cleaner and healthier and healthier. I think that's starting to pay some dividends, with a certain set of consumers who are able to look through a lot of misinformation that's going on and make decisions for themselves. And so we're continuing to encourage folks to do that.

但這才是關鍵。我們投入了大量時間，致力於提升「超越豬肉」平台及後續產品的健康益處，這些產品也變得越來越清潔、越來越健康。我認為，這些努力開始取得成效，部分消費者能夠辨別各種假訊息，並做出自己的選擇。因此，我們將繼續鼓勵大家這樣做。

The most recent products that we've launched around Beyond Ground and around Beyond Steak really speak to that with the Beyond Ground product being only [four] ingredients and Beyond Steak having a really terrific macronutrient profile, 28 grams of protein, less than 1 gram of saturated fat. That's saturated fat coming from avocado oil.

我們最近推出的Beyond Ground和Beyond Steak系列產品就很好地體現了這一點。 Beyond Ground產品僅含四種成分，而Beyond Steak則擁有非常出色的宏量營養素配比：28克蛋白質，不到1克飽和脂肪。這些飽和脂肪來自牛油果油。

But the main point is that the more we can get consumers to see the very strong health benefits of our products, the more we can get back into growth mode.

但關鍵在於，我們越能讓消費者看到我們產品帶來的顯著健康益處，我們就越能重回成長軌道。

I think price is extremely important. You see us focused on that. In fact, in Europe, we are providing at the same price to its animal protein equivalent to a very large customer, one of our products. We are working very much on driving the price toward parity with animal protein.

我認為價格極為重要。您可以看到我們一直非常重視價格。事實上，在歐洲，我們向一位大客戶提供的某款產品，其價格與同類動物性蛋白質的價格相同。我們正在努力將價格推向與動物性蛋白質持平的水平。

But here in the US, it's really around countering this misinformation campaign. That's why I continue to come back to the work we're doing with Stanford. I continue to point out the support of the American Heart Association, American Diabetes Association, and so on and so forth.

但在美國，真正的重點在於反擊這場假訊息宣傳運動。這就是為什麼我一直強調我們與史丹佛大學合作的工作。我也一直強調美國心臟協會、美國糖尿病協會等等機構的支持。

So that's the work that we're doing on fixing the narrative. You'll see us continue to reinforce that with marketing. You'll see us continue to reinforce that with the new products that we put on the market. And you'll continue to see us put out information, like PLANTING CHANGE and other pieces, that help the consumers see through some of the misinformation.

這就是我們正在努力糾正錯誤觀念的工作。你會看到我們繼續透過行銷來強化這一點。你會看到我們繼續透過推出新產品來強化這一點。你也會看到我們繼續發布訊息，例如「播種變革」和其他一些資​​料，幫助消費者識破一些錯誤訊息。

In terms of innovation, I mentioned towards the end of my prepared remarks that we're doing two things, I think, that should be of interest and, hopefully, point people in the direction that we're headed.

關於創新方面，我在準備好的演講稿結尾提到，我們正在做兩件事，我認為這兩件事應該會引起人們的興趣，並有望為人們指明我們前進的方向。

One is the increasing emphasis on the word Beyond versus Beyond Meat, as we go forward. That's really around broadening the aperture of our business. We have tremendous innovation capabilities. I want to make sure that those are being put to the best use for the consumer. And so that's the first.

第一點是，隨著我們不斷推進，我們將越來越強調「Beyond」這個詞，而不是「Beyond Meat」。這實際上是為了拓展我們的業務範圍。我們擁有強大的創新能力。我希望確保這些能力能得到最佳利用，造福消費者。這是第一點。

The second is the Beyond Test Kitchen. This allows us to really open the gates on innovation in an inexpensive way and get the products to the consumer, as we broaden this aperture. And so any category that we go into, you should expect us to raise the bar, in terms of health and nutrition; obviously, taste and things of that nature.

第二個是「超越測試廚房」。它讓我們能夠以低成本的方式真正打開創新之門，並將產品推向消費者，同時不斷擴展我們的視野。因此，無論我們涉足哪個領域，您都可以期待我們在健康和營養方面，以及口味等方面，都樹立更高的標準。

I think we're capable of doing that because of the tremendous R&D capacity we built up over the last nearly 17 years. We understand plant protein and plant ingredients in a way that many, many other companies don't. And so as we look at other areas to tilt our arsenal of technology and R&D toward, I hope I'm not drinking the cool aid on this but I think that our ability to go in there and do things that are disruptive is exciting.

我認為我們有能力做到這一點，是因為過去近17年來我們累積了強大的研發能力。我們對植物蛋白和植物成分的理解遠超過許多其他公司。因此，當我們著眼於其他領域，調整我們的技術和研發策略時，我希望自己沒有被這種想法沖昏頭腦，但我認為我們有能力進入這些領域並做出顛覆性創新，這令人振奮。

Lastly, over many years, we've built up a lot of innovation. We have quite a bit of dry powder, in terms of what we can go ahead and get into the market. And so this is where my comments came from that (inaudible) don't expect more of the same from us. We are looking to transform not only the operational base, the margin of our company, but also the top-line growth. We're thinking about that creatively and aggressively.

最後，多年來，我們累積了大量的創新成果。我們擁有相當充裕的研發資金，隨時可以將新產品推向市場。因此，我之前說的（聽不清楚）「不要指望我們繼續走老路」就是基於此。我們不僅致力於變革公司的營運模式和利潤率，更著眼於營收成長。我們正在以創新和積極的態度思考這個問題。

I've really enjoyed the support of the retail investors recently, been paying attention to their comments. We feel very much indebted to them for their support and for their continued commitment to Beyond. We're looking forward to growing together with them in years to come.

最近我非常感謝散戶的支持，也一直關注著他們的意見。我們對他們的支持和對Beyond的持續投入深表感激。我們期待在未來的幾年裡與他們共同成長。

With that, I'll wrap it up and talk to you guys next time. Thanks.

就說這麼多，下次再聊。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。