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

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??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??????????:?????95????

2????????

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

4??????98

5????????400??

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