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