????????,??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???????:????9598?

2?????????

3???95?????

4?????9598??

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