???????,???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????????:??????

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