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BD\u51fa\u6d77\u6b65\u5165\u6536\u83b7\u671f<\/p>\n
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\u4e00\u5b63\u5ea6\uff0c\u521b\u65b0\u836f\u5bf9\u5916\u8bb8\u53ef\u4e1a\u52a1\u786e\u8ba4\u6536\u51657.87\u4ebf\u5143\uff0c\u4e3b\u8981\u6765\u81ea\u4e0eGSK\u7684\u5408\u4f5c\u786e\u8ba4\u6536\u5165\u3002\u81ea2023\u5e74\u8d77\uff0c\u6052\u745e\u5df2\u5b8c\u621012\u7b14\u6d77\u5916\u4e1a\u52a1\u62d3\u5c55\u4ea4\u6613\uff0c\u6db5\u76d6\u5bf9\u5916\u8bb8\u53ef\u3001NewCo\u548c\u6218\u7565\u8054\u76df\u7b49\u4e0d\u540c\u6a21\u5f0f\uff0c\u5408\u4f5c\u5bf9\u8c61\u5305\u62ecGSK\u3001\u9ed8\u6c99\u4e1c\u7b49\u5927\u578b\u8de8\u56fd\u836f\u4f01\u3002<\/p>\n
4\u670817\u65e5\uff0c\u6052\u745e\u7684\u5408\u4f5c\u4f19\u4f34Kailera Therapeutics\uff08\u80a1\u7968\u4ee3\u7801\uff1aKLRA\uff09\u6210\u529f\u5728\u7f8e\u56fd\u7eb3\u65af\u8fbe\u514b\u6302\u724c\u4e0a\u5e02\uff0c\u662f\u6052\u745e\u201cNewCo\u201d\u51fa\u6d77\u6a21\u5f0f\u7684\u4e00\u6b21\u6210\u529f\u5b9e\u8df5\u30022024\u5e745\u6708\uff0c\u6052\u745e\u5c06GLP-1\u4ea7\u54c1\u7ec4\u5408\u9664\u5927\u4e2d\u534e\u533a\u4ee5\u5916\u7684\u5168\u7403\u6743\u76ca\u8bb8\u53ef\u7ed9Kailera\uff0c\u9996\u4ed8\u6b3e\u52a0\u6f5c\u5728\u91cc\u7a0b\u7891\u4ed8\u6b3e\u7d2f\u8ba1\u9ad8\u8fbe60\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u53d6\u5f97Kailera\u7684\u90e8\u5206\u80a1\u6743\u3002Kailera\u7684\u6210\u529f\u4e0a\u5e02\u4e0d\u4ec5\u9a8c\u8bc1\u4e86\u8fd9\u4e00\u6a21\u5f0f\u7684\u5546\u4e1a\u53ef\u884c\u6027\uff0c\u4e5f\u610f\u5473\u7740\u6052\u745e\u7684\u56fd\u9645\u5316\u5df2\u4ece\u201c\u5356\u4ea7\u54c1\u201d\u5347\u7ea7\u4e3a\u201c\u5171\u6210\u957f\u201d\uff0c\u901a\u8fc7\u80a1\u6743\u7ed1\u5b9a\u5b9e\u73b0\u5229\u76ca\u5171\u4eab\uff0c\u5f62\u6210\u66f4\u6df1\u5c42\u6b21\u7684\u5408\u4f5c\u7ebd\u5e26\u3002<\/p>\n
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2025\u5e74\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916\u6388\u6743\u4ea4\u6613\u603b\u989d\u5df2\u8d85\u8fc71300\u4ebf\u7f8e\u5143\uff0c2026\u5e74\u5f00\u5e74\u4ee5\u6765\uff0c\u65b0\u4e00\u8f6eBD\u4ea4\u6613\u5bc6\u96c6\u843d\u5730\u3002\u4f8b\u5982\uff0c\u77f3\u836f\u96c6\u56e2\u4e0e\u963f\u65af\u5229\u5eb7\u8fbe\u6210185\u4ebf\u7f8e\u5143\u5408\u4f5c\uff1b\u4fe1\u8fbe\u751f\u7269\u4e0e\u793c\u6765\u8fbe\u621088.5\u4ebf\u7f8e\u5143\u6218\u7565\u5408\u4f5c\uff1b\u8363\u660c\u751f\u7269\u4e0e\u827e\u4f2f\u7ef4\u8fbe\u621056\u4ebf\u7f8e\u5143\u53cc\u6297\u6388\u6743\u3002<\/p>\n
\u6839\u636e\u533b\u836f\u9b54\u65b9\u6570\u636e\uff0c2026\u5e74\u7b2c1\u5b63\u5ea6\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916BD\u4ea4\u6613\u603b\u91d1\u989d\u8d85570\u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc72024\u5e74\u5168\u5e74\uff0c\u8fbe\u52302025\u5e74\u5168\u5e74\u603b\u91d1\u989d\u768442%\u30022026\u5e74\u7b2c1\u5b63\u5ea6\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916BD\u7684\u5e73\u5747\u9996\u4ed8\u6b3e\u4e3a1.8\u4ebf\u7f8e\u5143\uff0c\u76f8\u6bd42025\u5e74\u589e\u957f59%\uff0c\u76f8\u6bd45\u5e74\u524d\u66f4\u662f\u5927\u6da8187%\u3002<\/p>\n
Third Bridge\u9ad8\u4e34\u54a8\u8be2\u5bf9\u63a5\u7684\u4e13\u5bb6\u8ba4\u4e3a\uff0c\u73b0\u9636\u6bb5 License-out\uff08BD\u6388\u6743\uff09\u6a21\u5f0f\u662f\u56fd\u5185\u521b\u65b0\u836f\u4f01\u66f4\u4e3a\u5b9e\u9645\u4e14\u660e\u667a\u7684\u9009\u62e9\u3002\u81ea\u4e3b\u51fa\u6d77\u867d\u7136\u80fd\u4fdd\u7559\u5168\u90e8\u4ef7\u503c\uff0c\u4f46\u9762\u4e34\u8f83\u9ad8\u7684\u8d44\u91d1\u4e0e\u6e20\u9053\u95e8\u69db\uff1a<\/p>\n
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\u201c\u6388\u6743\u5e76\u975e\u7b80\u5355\u7684\u8d44\u4ea7\u6d41\u5931\uff0c\u800c\u662f\u4e00\u79cd\u6218\u7565\u6027\u7684\u98ce\u9669\u5bf9\u51b2\u4e0e\u8d44\u6e90\u6574\u5408\u3002\u5728\u6d77\u5916\u4e34\u5e8a\u8d39\u7528\u9ad8\u6602\u4e14\u9500\u552e\u58c1\u5792\u68ee\u4e25\u7684\u73b0\u5b9e\u4e0b\uff0c\u901a\u8fc7License-out\u83b7\u53d6\u7684\u9ad8\u989d\u9996\u4ed8\u6b3e\u548c\u91cc\u7a0b\u7891\u4ed8\u6b3e\uff0c\u4e0d\u4ec5\u80fd\u6709\u6548\u8865\u5145\u73b0\u91d1\u6d41\u3001\u652f\u6491\u66f4\u591a\u9002\u5e94\u75c7\u7684\u62d3\u5c55\uff0c\u8fd8\u80fd\u501f\u529bMNC\u52a0\u901f\u4e34\u5e8a\u8fdb\u7a0b\u3002\u201dThird Bridge \u9ad8\u4e34\u54a8\u8be2\u5bf9\u63a5\u7684\u4e13\u5bb6\u6307\u51fa\uff0c\u836f\u4f01\u5e94\u57fa\u4e8e\u81ea\u8eab\u8d22\u52a1\u72b6\u51b5\u4e0e\u6d77\u5916\u6e20\u9053\u638c\u63a7\u529b\u5bfb\u627e\u5e73\u8861\uff1a\u5728\u7f3a\u4e4f\u56fd\u9645\u5316\u7ecf\u9a8c\u7684\u73b0\u9636\u6bb5\uff0c\u901a\u8fc7\u6388\u6743\u6a21\u5f0f\u5b9e\u73b0\u201c\u6280\u672f\u4ef7\u503c\u5916\u6ea2\u201d\u548c\u201c\u8d44\u91d1\u56de\u8865\u201d\uff0c\u662f\u79ef\u7d2f\u5168\u7403\u5316\u5b9e\u529b\u3001\u786e\u4fdd\u4f01\u4e1a\u751f\u5b58\u5e76\u8d70\u5411\u957f\u8fdc\u53d1\u5c55\u7684\u5fc5\u7ecf\u4e4b\u8def\u3002<\/p>\n
\u8d44\u672c\u5e02\u573a\u7684\u56de\u5e94<\/p>\n
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\n4\u670817\u65e5\uff0c\u6052\u745e\u7684\u5408\u4f5c\u4f19\u4f34Kailera Therapeutics\uff08\u80a1\u7968\u4ee3\u7801\uff1aKLRA\uff09\u6210\u529f\u5728\u7f8e\u56fd\u7eb3\u65af\u8fbe\u514b\u6302\u724c\u4e0a\u5e02\uff0c\u662f\u6052\u745e\u201cNewCo\u201d\u51fa\u6d77\u6a21\u5f0f\u7684\u4e00\u6b21\u6210\u529f\u5b9e\u8df5\u30022024\u5e745\u6708\uff0c\u6052\u745e\u5c06GLP-1\u4ea7\u54c1\u7ec4\u5408\u9664\u5927\u4e2d\u534e\u533a\u4ee5\u5916\u7684\u5168\u7403\u6743\u76ca\u8bb8\u53ef\u7ed9Kailera\uff0c\u9996\u4ed8\u6b3e\u52a0\u6f5c\u5728\u91cc\u7a0b\u7891\u4ed8\u6b3e\u7d2f\u8ba1\u9ad8\u8fbe60\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u53d6\u5f97Kailera\u7684\u90e8\u5206\u80a1\u6743\u3002Kailera\u7684\u6210\u529f\u4e0a\u5e02\u4e0d\u4ec5\u9a8c\u8bc1\u4e86\u8fd9\u4e00\u6a21\u5f0f\u7684\u5546\u4e1a\u53ef\u884c\u6027\uff0c\u4e5f\u610f\u5473\u7740\u6052\u745e\u7684\u56fd\u9645\u5316\u5df2\u4ece\u201c\u5356\u4ea7\u54c1\u201d\u5347\u7ea7\u4e3a\u201c\u5171\u6210\u957f\u201d\uff0c\u901a\u8fc7\u80a1\u6743\u7ed1\u5b9a\u5b9e\u73b0\u5229\u76ca\u5171\u4eab\uff0c\u5f62\u6210\u66f4\u6df1\u5c42\u6b21\u7684\u5408\u4f5c\u7ebd\u5e26\u3002
\n\u5728GLP-1\u4ea7\u54c1\u7ebf\u4e0a\uff0c\u76ee\u524d\u5404\u9879\u63a8\u8fdb\u987a\u5229\uff1a\u745e\u666e\u6cca\u80bd\uff08\u7814\u53d1\u4ee3\u53f7\uff1aHRS9531\uff09\u6ce8\u5c04\u6db2\u7528\u4e8e\u6210\u4eba\u957f\u671f\u4f53\u91cd\u7ba1\u7406\u7684\u4e0a\u5e02\u7533\u8bf7\u5df2\u5728\u4e2d\u56fd\u83b7\u53d7\u7406\uff0c\u53e3\u670d\u745e\u666e\u6cca\u80bd\u5df2\u516c\u5e03\u4e2d\u56fd\u2161\u671f\u51cf\u91cd\u7814\u7a76\u7ed3\u679c\uff0c\u6cbb\u7597\u7b2c26\u5468\u65f6\u53c2\u4e0e\u8005\u8f83\u57fa\u7ebf\u5e73\u5747\u4f53\u91cd\u4e0b\u964d\u6700\u9ad8\u8fbe12.1%\uff1b\u53e3\u670d\u5c0f\u5206\u5b50GLP-1\u53d7\u4f53\u6fc0\u52a8\u5242HRS-7535\u7684\u8d85\u91cd\/\u80a5\u80d6\u4e0e2\u578b\u7cd6\u5c3f\u75c5\u9002\u5e94\u75c7\u5747\u5df2\u5728\u4e2d\u56fd\u63a8\u8fdb\u81f3\u2162\u671f\u3002
\n\u503c\u5f97\u4e00\u63d0\u7684\u662f\uff0c\u6052\u745e\u7684BD\u51fa\u6d77\u5e76\u975e\u5b64\u4f8b\uff0c\u800c\u662f\u6574\u4e2a\u4e2d\u56fd\u521b\u65b0\u836f\u884c\u4e1a\u5168\u7403\u5316\u6d6a\u6f6e\u7684\u4e00\u4e2a\u7f29\u5f71\u3002
\n2025\u5e74\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916\u6388\u6743\u4ea4\u6613\u603b\u989d\u5df2\u8d85\u8fc71300\u4ebf\u7f8e\u5143\uff0c2026\u5e74\u5f00\u5e74\u4ee5\u6765\uff0c\u65b0\u4e00\u8f6eBD\u4ea4\u6613\u5bc6\u96c6\u843d\u5730\u3002\u4f8b\u5982\uff0c\u77f3\u836f\u96c6\u56e2\u4e0e\u963f\u65af\u5229\u5eb7\u8fbe\u6210185\u4ebf\u7f8e\u5143\u5408\u4f5c\uff1b\u4fe1\u8fbe\u751f\u7269\u4e0e\u793c\u6765\u8fbe\u621088.5\u4ebf\u7f8e\u5143\u6218\u7565\u5408\u4f5c\uff1b\u8363\u660c\u751f\u7269\u4e0e\u827e\u4f2f\u7ef4\u8fbe\u621056\u4ebf\u7f8e\u5143\u53cc\u6297\u6388\u6743\u3002
\n\u6839\u636e\u533b\u836f\u9b54\u65b9\u6570\u636e\uff0c2026\u5e74\u7b2c1\u5b63\u5ea6\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916BD\u4ea4\u6613\u603b\u91d1\u989d\u8d85570\u4ebf\u7f8e\u5143\uff0c\u8d85\u8fc72024\u5e74\u5168\u5e74\uff0c\u8fbe\u52302025\u5e74\u5168\u5e74\u603b\u91d1\u989d\u768442%\u30022026\u5e74\u7b2c1\u5b63\u5ea6\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916BD\u7684\u5e73\u5747\u9996\u4ed8\u6b3e\u4e3a1.8\u4ebf\u7f8e\u5143\uff0c\u76f8\u6bd42025\u5e74\u589e\u957f59%\uff0c\u76f8\u6bd45\u5e74\u524d\u66f4\u662f\u5927\u6da8187%\u3002
\nThird Bridge\u9ad8\u4e34\u54a8\u8be2\u5bf9\u63a5\u7684\u4e13\u5bb6\u8ba4\u4e3a\uff0c\u73b0\u9636\u6bb5 License-out\uff08BD\u6388\u6743\uff09\u6a21\u5f0f\u662f\u56fd\u5185\u521b\u65b0\u836f\u4f01\u66f4\u4e3a\u5b9e\u9645\u4e14\u660e\u667a\u7684\u9009\u62e9\u3002\u81ea\u4e3b\u51fa\u6d77\u867d\u7136\u80fd\u4fdd\u7559\u5168\u90e8\u4ef7\u503c\uff0c\u4f46\u9762\u4e34\u8f83\u9ad8\u7684\u8d44\u91d1\u4e0e\u6e20\u9053\u95e8\u69db\uff1a
\n\u9996\u5148\u662f\u6210\u672c\u5dee\u5f02\u60ac\u6b8a\uff0c\u5728\u8bd5\u9a8c\u6761\u4ef6\u4e00\u81f4\u7684\u60c5\u51b5\u4e0b\uff0c\u7f8e\u56fd\u4e34\u5e8a\u8bd5\u9a8c\u7684\u6210\u672c\u7ea6\u4e3a\u56fd\u5185\u76845\u500d\uff08\u5373\u56fd\u5185\u82b11\u5143\uff0c\u7f8e\u56fd\u9700\u82b15\u5143\uff09\uff0c\u8fd9\u5bf9\u5927\u591a\u6570\u4f01\u4e1a\u7684\u73b0\u91d1\u6d41\u662f\u5de8\u5927\u8003\u9a8c\uff1b\u5176\u6b21\uff0c\u56fd\u5185\u836f\u4f01\u5728\u6d77\u5916\u9500\u552e\u6e20\u9053\u7aef\u4e0e\u8de8\u56fd\u836f\u4f01\uff08MNC\uff09\u5b58\u5728\u663e\u8457\u5dee\u8ddd\uff0c\u901a\u8fc7\u6388\u6743\u53ef\u4ee5\u501f\u529bMNC\u6210\u719f\u7684\u9500\u552e\u7f51\u7edc\u5feb\u901f\u5b9e\u73b0\u836f\u54c1\u653e\u91cf\uff1b\u6b64\u5916\uff0c\u6388\u6743\u83b7\u5f97\u7684\u9996\u4ed8\u6b3e\u53ef\u76f4\u63a5\u8f6c\u5316\u4e3a\u7eaf\u5229\uff0c\u4e3a\u540e\u7eed\u7ba1\u7ebf\u7684\u201c\u4fb5\u7565\u6027\u201d\u5f00\u53d1\u63d0\u4f9b\u8d44\u91d1\u652f\u6301\u3002
\n\u56e0\u6b64\uff0c\u672a\u6765BD\u6388\u6743\u6216\u4ecd\u5c06\u662f\u4e3b\u6d41\uff0c\u5373\u4fbf\u4ea7\u54c1\u5df2\u63a5\u8fd1\u4e0a\u5e02\uff0c\u591a\u6570\u4f01\u4e1a\u4ecd\u4f1a\u9009\u62e9\u901a\u8fc7License-out\u6765\u534f\u540c\u4e34\u5e8a\u5f00\u53d1\u5e76\u4fdd\u969c\u5546\u4e1a\u5316\u6210\u529f\u3002
\n\u201c\u6388\u6743\u5e76\u975e\u7b80\u5355\u7684\u8d44\u4ea7\u6d41\u5931\uff0c\u800c\u662f\u4e00\u79cd\u6218\u7565\u6027\u7684\u98ce\u9669\u5bf9\u51b2\u4e0e\u8d44\u6e90\u6574\u5408\u3002\u5728\u6d77\u5916\u4e34\u5e8a\u8d39\u7528\u9ad8\u6602\u4e14\u9500\u552e\u58c1\u5792\u68ee\u4e25\u7684\u73b0\u5b9e\u4e0b\uff0c\u901a\u8fc7License-out\u83b7\u53d6\u7684\u9ad8\u989d\u9996\u4ed8\u6b3e\u548c\u91cc\u7a0b\u7891\u4ed8\u6b3e\uff0c\u4e0d\u4ec5\u80fd\u6709\u6548\u8865\u5145\u73b0\u91d1\u6d41\u3001\u652f\u6491\u66f4\u591a\u9002\u5e94\u75c7\u7684\u62d3\u5c55\uff0c\u8fd8\u80fd\u501f\u529bMNC\u52a0\u901f\u4e34\u5e8a\u8fdb\u7a0b\u3002\u201dThird Bridge \u9ad8\u4e34\u54a8\u8be2\u5bf9\u63a5\u7684\u4e13\u5bb6\u6307\u51fa\uff0c\u836f\u4f01\u5e94\u57fa\u4e8e\u81ea\u8eab\u8d22\u52a1\u72b6\u51b5\u4e0e\u6d77\u5916\u6e20\u9053\u638c\u63a7\u529b\u5bfb\u627e\u5e73\u8861\uff1a\u5728\u7f3a\u4e4f\u56fd\u9645\u5316\u7ecf\u9a8c\u7684\u73b0\u9636\u6bb5\uff0c\u901a\u8fc7\u6388\u6743\u6a21\u5f0f\u5b9e\u73b0\u201c\u6280\u672f\u4ef7\u503c\u5916\u6ea2\u201d\u548c\u201c\u8d44\u91d1\u56de\u8865\u201d\uff0c\u662f\u79ef\u7d2f\u5168\u7403\u5316\u5b9e\u529b\u3001\u786e\u4fdd\u4f01\u4e1a\u751f\u5b58\u5e76\u8d70\u5411\u957f\u8fdc\u53d1\u5c55\u7684\u5fc5\u7ecf\u4e4b\u8def\u3002
\n\u8d44\u672c\u5e02\u573a\u7684\u56de\u5e94
\n\u4ece\u8d44\u672c\u5e02\u573a\u7684\u53cd\u9988\u6765\u770b\uff0c\u6052\u745e\u4e00\u5b63\u5ea6\u4e1a\u7ee9\u5f97\u5230\u4e86\u79ef\u6781\u56de\u5e94\u3002\u56fd\u91d1\u8bc1\u5238\u5728\u7814\u62a5\u4e2d\u7ef4\u6301\u201c\u4e70\u5165\u201d\u8bc4\u7ea7\uff0c\u9884\u8ba12026\/2027\u5e74\u5f52\u6bcd\u51c0\u5229\u6da6\u4e3a99\/118\u4ebf\u5143\u3002
\n\u4ece\u66f4\u5b8f\u89c2\u7684\u7ef4\u5ea6\u6765\u770b\uff0c\u6574\u4e2a\u533b\u836f\u677f\u5757\u7684\u5e02\u573a\u5173\u6ce8\u5ea6\u6b63\u5728\u63d0\u5347\u30022025\u5e74\uff0c\u4e2d\u56fd\u751f\u7269\u5236\u836f\u3001\u6052\u745e\u533b\u836f\u3001\u767e\u6d4e\u795e\u5dde\u7b4914\u5bb6\u4f01\u4e1a\u5e02\u503c\u7a81\u7834\u5343\u4ebf\uff0cTOP10\u5e02\u503c\u533b\u7597\u5065\u5eb7\u4f01\u4e1a\u7684\u6784\u6210\u5df2\u4ece\u4f20\u7edf\u7efc\u5408\u836f\u4f01\u548cCXO\u4e3a\u4e3b\uff0c\u5411\u521b\u65b0\u836f\u6982\u5ff5\u4f01\u4e1a\u8f6c\u79fb\u3002
\n\u5728IPO\u548c\u878d\u8d44\u7aef\uff0c\u533b\u7597\u5065\u5eb7\u4f01\u4e1a\u540c\u6837\u8fce\u6765\u56de\u6696\u3002\u6839\u636e\u58f9\u53f7\u7ba1\u7406\u54a8\u8be2\u62ab\u9732\u7684\u6570\u636e\uff0c2025\u5e74\u533b\u7597\u5927\u5065\u5eb7\u884c\u4e1a\u5171\u670910\u5bb6\u4f01\u4e1a\u5b8c\u6210\u4e86IPO\uff0c\u5176\u4e2d\uff0c\u79d1\u521b\u677f6\u5bb6\uff08\u5206\u522b\u662f\u8d5b\u5206\u79d1\u6280\u3001\u6c49\u90a6\u79d1\u6280\u3001\u79be\u5143\u751f\u7269-U\u3001\u5fc5\u8d1d\u7279-U\u3001\u767e\u5965\u8d5b\u56fe\u3001\u5065\u4fe1\u8d85\u5bfc\uff09\u3001\u5317\u4ea4\u62401\u5bb6\uff08\u4e39\u5a1c\u751f\u7269\uff09\u3001\u521b\u4e1a\u677f2\u5bb6\uff08\u5206\u522b\u662f\u8d85\u7814\u80a1\u4efd\u3001\u5efa\u53d1\u81f4\u65b0\uff09\u3001\u4e0a\u6d77\u4e3b\u677f1\u5bb6\uff08\u5a01\u9ad8\u8840\u51c0\uff09\u3002
\n\u4f46\u4e5f\u6709\u4e0d\u5c11\u4e1a\u5185\u4eba\u58eb\u63d0\u51fa\u7591\u95ee\uff1a\u8fc7\u53bb\u4e00\u5e74\u521b\u65b0\u836f\u677f\u5757\u7531\u70ed\u8f6c\u51b7\uff0c\u201c\u51fa\u6d77\u201d\u5173\u6ce8\u5ea6\u6709\u6240\u4e0b\u964d\u3002\u540e\u7eed\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u8d70\u52bf\u7a76\u7adf\u5982\u4f55\uff1f
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