For listed companies that are still losing money, you cannot use P/E. The core idea is: first look at "whether they can survive," then look at "how much they are worth." 1. First, determine: whether this company "will die or not." The biggest risk for loss-making stocks is not being expensive, but a cash flow break. Just look at three indicators: 1. Cash and equivalents 2. Average monthly operating cash outflow (burn rate) 3. Interest-bearing debt/short-term loans Cash (runway) = Cash / Average monthly burn <6 months: High risk 6–12 months: Medium >12 months: Relatively safe Companies that cannot survive have a valuation of 0...