???,??????????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?????????????,???????????“??,???”(?????????????? ?????????:??) ??:?????????? “????98?????”????

?? ?????|??,“???????”???????

????:1?????98?????:????v

2????????????

3?500???4??????

4?????

5???????2023

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