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

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

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

????????????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???????3000

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

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