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

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

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