??????,??????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???spa????

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