灰熊研究做空英国燃料电池制造商Ceres Power:商业模式有缺陷

老虎资讯综合
Dec 11, 2025

知名做空机构灰熊研究(Grizzly Research)发布针对英国燃料电池制造商Ceres Power的看空报告。该机构认为,Ceres Power利用一系列高调的公告和远大的预测掩盖了其商业模式的缺陷,实际盈利潜力极其有限。截至发稿,Ceres Power在英国伦敦上市股份跌7%。

报告指出,Ceres商业模式的核心问题在于,将所有产品研发、产业化和资本需求都转嫁给了合作伙伴,而这一策略在过去十多年里一直以失败告终。此外,Ceres还面临其他问题,包括技术可靠性差、维护和可操作性不足、市场规模有限等。Ceres从未产生过实质性的特许权使用费收入,且该机构认为在可预见的未来也不会实现。该公司目前仅依靠一次性的许可费和工程费维持运营。

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