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

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

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???????????????????,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?????????:??100??????

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