The drone magazine ships will be supplementary additions to primary fleet element VLS carriage. I seriously doubt the PLAN will seek to cut down VLS cells on its further FFGs and DDGs. At a minimum VLS cell count will remain the same as tonnage is increased to improve operational range, endurance, crew comfort and mission flexibility etc.
The semi-submersible nature of the drone ship is to essentially make them immune to AShMs, as i don’t think any existing AShM can effectively engage the main hull even if it remains above water. If at maximum submergence, the primary hull will be immune to AShM attack. The worst that can happen is that the two islands gets hit, but those are almost certainly going to be designed to be disposable, so even if you take out both islands, the drone ship will always certainly have additional retractable comms antenna it could deploy to continue the mission.
In any major combat operations, these drones will accompany PLAN fleets and basically be the first munitions that will be deployed. So the PLAN can conduct pretty intensive and sustained combat operational without even touching its own onboard VLS magazines.
As combat drags on, additional drone ships will move up to provide munitions replenishment for the fleet to swap out drone ships that have expended their magazines.
Since these drone ships would be basically immune to AShM attack, they don’t actually need escorts and can just sail by themselves.
The only thing that might seriously threaten them would be enemy subs, but there should be a pretty significant and persistent PLAN MPA presence in the AO, so any sub that engages a drone ship is going to put itself in major danger. Even trading several drone ships for an enemy SSN is a very good trade.
		
		
	 
Some thoughts
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I would expect the primary payload to be antiship missiles?
These missiles have to rely on offboard mid-course guidance anyway, so all you need is the hull and comms.
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On vulnerability, a subsonic cruise missile could penetrate ~5 metres of concrete.
Water acts almost like a solid when faced with an incoming Mach 0.9 object, although water is somewhat less dense than concrete
A heavyweight torpedo implosion bubble looks <16 metres, although there will be further shock effects as well.
But I expect a missile arriving from the air will expend most of the warhead force upwards into the air.
I also see commercial Chinamax-standard ships have a 24metre draft in the water.
So building a pressure hull to handle modest submerged depths shouldn't be very expensive or demanding.
But if unmanned, would it even have a pressure hull?  The XLUUV doesn't bother with one.
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A Type-056 Corvette costs ~$100 Mn, but is significantly larger and would be far more complex.
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The cost of adding a towed array sonar and variable depth sonar should be negligible compared to the cost of the ship.
If you have 2 of them sailing together to/from port, they can triangulate sonar contacts and cue MPAs, so that solves most of the enemy submarine problem.
As part of a CSG or SAG, they would likely be the most expendable ship in the formation, even accounting for the cost of the onboard missiles (eg.  DF-17 class missiles ~$2 Mn, HQ-9 SAMs probably a bit less).  So they could be used aggressively to screen against incoming submarines.
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If there are 2 islands, perhaps 1 is for submerged redundancy?