???,?CAR-T(?????T???????????)???????????“?”???????????

CAR-T????????,????:??????????,?????????????“?????”?????????????????“???????,???????????”???,????,??????

???????????“??????????”,???

????????????????????????????????????? 11 ?,??,99.9???????CAR-T??,???CAR-T?????????????1?,???????????????CAR-T????????????,?????????,?120????????????????????CAR-T???????????60????

8????,???,??????CAR-T???????6???????????????????????????CAR-T?????“??”??????????????????????????????,????,?????“????????????????????”????,???????????“???????????”??“??”?????,??

??,????:??“??????”????“???????????”????????????????????,???????CAR-T??????????“????”??????????,???????????

?????,????????????????????“??”?????????,????????,CAR-T??,??

?????

?????70%???60%??,?????????“???????”????????????41.3%?

?????????????,??????,????????????????“???”????????????????,?????????????,?????“???”,??,????

?????????????CAR-T???????????,“????????????????”????????????

???®(??????????????????????)?????,????2021????????,??????????,???,?????????????

??????????“??????”???,??8?,?????,?????????????/????,??????????,????????????4??CAR-T???????????

?????????????????,?????,???????????????29???????????,?????????????????????30??????????????????????????????,??????????????99.9??????????/????????????????~120????/??????CAR-T????????,???

?????4??????,???????????????,??????????????,????,?????????????????????????,?????????????????CAR-T????????????????,??????CAR-T??????????????

???????????????????,CAR-T???,??“???”,????????????????????“?????????????????????”?????????,??CAR-T????????????????????,??????????????????

????????,??????????,???

?«??????????»??,???????????,??????????????????“????”????????????,??“????????????”??????????,??????????????

???????????????,CAR-T???????,??????:

??????????,CAR-T???????100??????????,?“?????????”?????????????????2023??????????????1.9???????????????(19.4%)?????????????????????1.7???????????????(25.3%),????????????????????,???????“?????”???????????,??“??????????????????30?????????????????????”??????????,????????????????????“??????????????????????????”?

???????????????,?,??,??,??????????????CAR-T?????????????,??,??????????,?????????????????????????????????,???????????“??????????????”???????????????????

??

???????????,??CAR-T??????????????,???“????????????????,???????????????????????????”????????,??“???????”????????

?????????,?????????????????????????????,???CAR-T??????,?????????????

???1???????????????,???????????“???????????????????????”,???????,??60???????

????????????????2024?????????????????????????,???????????,????,????????????,?????,????????????????????

???????:“?????????????,??????????????????,???”

?????????,????,?????????,????????????????“?”,???????????,????????,?????????,????????,??,?????????,???????

?????,??????“1+3+N”??????????,???“N”???,??????,??????“N”??,????????????????

???????,????

??????????????????“??????????”??????????????,?????????,????????

?????????????????????,?,???,??????,?????

“????????,????300??,????????CAR-T???????????????????????????,CAR-T????????????????,??????,?????????????????,??‘?????????????????’???????,????????????????????????,?????????,???????,?,?????,????;?????,???????????????????????,?,??????????‘?????’?”????????????????????

??“??????????????????????????”????????????????????,???????????????????????????,???????????????????????????

??,?????????,????????,????,?????????????????????????????????,?????????50????,???????????,??????,????????????????

????,??,?????,????????????????????????????????????,???

??,??????????????,??????????????,???????????????“??????????????”,????,?????????????????????????????????????,?????????????????

??,???????????????????????????????????,????????,????

????“????”,???????,??????????????????

???????????????????100?????????CAR-T??,????????,??????????????,????????????????????,????????????CAR-T??????????26????,??????????????????????????,??4????????????,????????

????????????“???”,???????????,??????????,????????

“????100???????,?CAR-T??????,?,?????,??????????????????????,???????”??,????????????????????,????????;????????????;??????,???????,????????????

CAR-T???????

?????????????CAR-T????????????????????????????,?????????:CAR-T?????????????CAR-T????

?????????????????????CAR-T?????????????,??????,??,???????????CAR-T????????????????,????????????????,????????

????????????????????,??“????????????”?,??,?????,????????????“????????”???????????,????????,?????????????????CAR-T???,???,???????????

???,CAR-T???,??DRG/DIP???????????,??????“?????”???,???????????????“????????,?????,??????”??????????

????????????,“???????????”??????????????,?????????????????“????????”?????????????,????????CAR-T????????????????????????????

“????????CAR-T?????????????????????????????????????50%~70%???????”???????????CAR-T????

?????????,???????CAR-T?????????????????????,?????????????,????,??CAR-T??4.3??????????????????,???CAR-T???

?????????????,??,CAR-T??,????????????????????????,???CAR-T??????????????????????????

?????????CAR-T??????????,????PD-1???,CAR-T??????,???,???????????????,??????????????????,?????????????,?????????????,???????????

?2024?????????3??????????????????????1??????CAR-T????????????????(???????????)???????,?????????? CAR-T?11 ????????,???????????????6?????

?????????????????“2025-2030???(CGT)??”???????,??????????,????????CAR-T????????,2023?????????20%,?184??,???????168???????

??,???????????,???????????CAR-T????????????????????????“??”??????????????

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?? ?????|???????,“??”???????

????:1??????v:51pc·mc??????

2??????

3??????????

4??????????

5???????

???,?CAR-T(?????T???????????)???????????“?”???????????

CAR-T????????,????:??????????,?????????????“?????”?????????????????“???????,???????????”???,????,??????

???????????“??????????”,???

????????????????????????????????????? 11 ?,??,99.9???????CAR-T??,???CAR-T?????????????1?,???????????????CAR-T????????????,?????????,?120????????????????????CAR-T???????????60????

8????,???,??????CAR-T???????6???????????????????????????CAR-T?????“??”??????????????????????????????,????,?????“????????????????????”????,???????????“???????????”??“??”?????,??

??,????:??“??????”????“???????????”????????????????????,???????CAR-T??????????“????”??????????,???????????

?????,????????????????????“??”?????????,????????,CAR-T??,??

?????

?????70%???60%??,?????????“???????”????????????41.3%?

?????????????,??????,????????????????“???”????????????????,?????????????,?????“???”,??,????

?????????????CAR-T???????????,“????????????????”????????????

???®(??????????????????????)?????,????2021????????,??????????,???,?????????????

??????????“??????”???,??8?,?????,?????????????/????,??????????,????????????4??CAR-T???????????

?????????????????,?????,???????????????29???????????,?????????????????????30??????????????????????????????,??????????????99.9??????????/????????????????~120????/??????CAR-T????????,???

?????4??????,???????????????,??????????????,????,?????????????????????????,?????????????????CAR-T????????????????,??????CAR-T??????????????

???????????????????,CAR-T???,??“???”,????????????????????“?????????????????????”?????????,??CAR-T????????????????????,??????????????????

????????,??????????,???

?«??????????»??,???????????,??????????????????“????”????????????,??“????????????”??????????,??????????????

???????????????,CAR-T???????,??????:

??????????,CAR-T???????100??????????,?“?????????”?????????????????2023??????????????1.9???????????????(19.4%)?????????????????????1.7???????????????(25.3%),????????????????????,???????“?????”???????????,??“??????????????????30?????????????????????”??????????,????????????????????“??????????????????????????”?

???????????????,?,??,??,??????????????CAR-T?????????????,??,??????????,?????????????????????????????????,???????????“??????????????”???????????????????

??

???????????,??CAR-T??????????????,???“????????????????,???????????????????????????”????????,??“???????”????????

?????????,?????????????????????????????,???CAR-T??????,?????????????

???1???????????????,???????????“???????????????????????”,???????,??60???????

????????????????2024?????????????????????????,???????????,????,????????????,?????,????????????????????

???????:“?????????????,??????????????????,???”

?????????,????,?????????,????????????????“?”,???????????,????????,?????????,????????,??,?????????,???????

?????,??????“1+3+N”??????????,???“N”???,??????,??????“N”??,????????????????

???????,????

??????????????????“??????????”??????????????,?????????,????????

?????????????????????,?,???,??????,?????

“????????,????300??,????????CAR-T???????????????????????????,CAR-T????????????????,??????,?????????????????,??‘?????????????????’???????,????????????????????????,?????????,???????,?,?????,????;?????,???????????????????????,?,??????????‘?????’?”????????????????????

??“??????????????????????????”????????????????????,???????????????????????????,???????????????????????????

??,?????????,????????,????,?????????????????????????????????,?????????50????,???????????,??????,????????????????

????,??,?????,????????????????????????????????????,???

??,??????????????,??????????????,???????????????“??????????????”,????,?????????????????????????????????????,?????????????????

??,???????????????????????????????????,????????,????

????“????”,???????,??????????????????

???????????????????100?????????CAR-T??,????????,??????????????,????????????????????,????????????CAR-T??????????26????,??????????????????????????,??4????????????,????????

????????????“???”,???????????,??????????,????????

“????100???????,?CAR-T??????,?,?????,??????????????????????,???????”??,????????????????????,????????;????????????;??????,???????,????????????

CAR-T???????

?????????????CAR-T????????????????????????????,?????????:CAR-T?????????????CAR-T????

?????????????????????CAR-T?????????????,??????,??,???????????CAR-T????????????????,????????????????,????????

????????????????????,??“????????????”?,??,?????,????????????“????????”???????????,????????,?????????????????CAR-T???,???,???????????

???,CAR-T???,??DRG/DIP???????????,??????“?????”???,???????????????“????????,?????,??????”??????????

????????????,“???????????”??????????????,?????????????????“????????”?????????????,????????CAR-T????????????????????????????

“????????CAR-T?????????????????????????????????????50%~70%???????”???????????CAR-T????

?????????,???????CAR-T?????????????????????,?????????????,????,??CAR-T??4.3??????????????????,???CAR-T???

?????????????,??,CAR-T??,????????????????????????,???CAR-T??????????????????????????

?????????CAR-T??????????,????PD-1???,CAR-T??????,???,???????????????,??????????????????,?????????????,?????????????,???????????

?2024?????????3??????????????????????1??????CAR-T????????????????(???????????)???????,?????????? CAR-T?11 ????????,???????????????6?????

?????????????????“2025-2030???(CGT)??”???????,??????????,????????CAR-T????????,2023?????????20%,?184??,???????168???????

??,???????????,???????????CAR-T????????????????????????“??”??????????????

??????????????????,2032?????CAR-T?????????885.2???????????????,?????????“???,???????????”(?????????????? ??:????) ??????:?????????