???????,???????????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???????????????????????,???????????????????“?????,???”(???????? ????????????????:??) ????:???????????????????? ??“??????”????

?? ?????|??,“???????”???????

????:1???????:?????

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???????????????????????,???????????????????“?????,???”(???????? ????????????????:??) ????:????????????????????