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

???????????????

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?1???????????????????,??????????“??????”,??,????????60?????????????????

???2024?,??????????,??,????????????????????????,??????????,???????????????????

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

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

??“???”?????????,??????,????????

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

“??????????????????????,????????????300????,??????????????CAR-T?????????????????????,CAR-T???????????????????????????????????????,??????????????,?????????????????????????????????????,???????????????????‘???????’??????,??????????,???,?????,??????????????????????????,?????,??;???????????,?????????????????,??,??‘?’?”???

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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??????

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?????2024?????3????????????1??????????????????CAR-T???????????(???)?????,? CAR-T???????????11 ????????????????,????????????6?????????

????????????????????“2025-2030???(CGT)???????”???????,????????,?????????????CAR-T???????????????????????,2023???????20%,?????????????184???????,??168????????

?????,????,???????????CAR-T???????“??????”???

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?? ??|???????,“???????”?????

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

2?????QQ

3????????????

4?????????

5?????500??????

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

???????????????

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