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