Core Insights - The listing channel for unprofitable stocks in the Sci-Tech Innovation Board is becoming increasingly accessible, emphasizing the need for a dynamic evaluation framework that focuses on core technology and R&D investment rather than traditional PE valuation methods [1][2] Group 1: Investment Strategy for Unprofitable Stocks - Traditional PE valuation methods are not suitable for unprofitable companies, which often experience technical breakthroughs or market cultivation phases, making short-term financial data inadequate for reflecting true value [1] - The core value of unprofitable companies lies in their ability to convert technology into sustainable business models, assessed through three dimensions: technological originality, completeness of patent layout, and clarity of industrialization pathways [1][2] - R&D investment is crucial for maintaining technological leadership, with a focus on the sustainability of R&D spending and the efficiency of R&D outputs, such as patent generation and technology iteration speed [2] Group 2: Risk and Return Considerations - Investing in unprofitable stocks requires careful consideration of risk-return matching, as these stocks carry higher risks than profitable ones, necessitating higher return expectations [2] - Investors should avoid companies with unclear technological routes, frequent management changes, or excessive reliance on external financing, while diversifying investments across various high-tech sectors to mitigate risks [3][2] - The essence of investing in unprofitable stocks is to exchange current capital for future technological dividends, requiring a long-term perspective and the ability to endure short-term volatility [2]