WuXi Biologics has maintained relatively stable order visibility amid overseas regulatory uncertainties thanks to its global CXO platform, with its current P/E ratio of about 25x being lower than the average of 30x for the Hong Kong stock healthcare sector.

Insilico Medicine's AI-driven drug discovery platform has a differentiated advantage in pipeline advancement speed, but the pace of commercialization is currently the biggest variable.

Junshi Biosciences is undergoing commercial expansion after its toripalimab was approved in the US, with marginal growth in overseas revenue being the trigger for stock price recovery.

I-Mab, as a clinical-stage oncology immunotherapy asset, has pipeline progress as its sole valuation driver. Overall, the combination of CRO + innovative drugs tends to underperform the broader market when geopolitical risk premiums are high, but in the long run, Hong Kong-listed healthcare stocks still trade at a discount compared to their A-share counterparts, making them worthy of continued attention.