?????,?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???????:??50?????

2???95???

3???????200????

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