?????????,???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?????a5??

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