??????????,????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???92?95????

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