9月2日晚7点，杨紫身着薄荷绿刺绣长裙亮相直播间，镜头特写下近乎零毛孔的肌肤状态瞬间引爆热搜。但真正让直播间沸腾的，是品牌方祭出的"三重破 局"：前1000名下单者获赠定制云南非遗刺绣发带，满399元即抽杨紫亲笔签名照，更首度公开防脱技术实验室画面。这种"情感价值+实用价值"的双重刺 激，让养元青洗发水在1小时内售罄，连带品牌其他产品线销售额同比增长470%。 2025年9月2日凌晨，一条"杨紫直播前夜紧急调整福利方案"的爆料在粉丝圈炸开。这位手握《国色芳华》《锦绣芳华》等爆款剧的90后顶流，在经历MK 品牌代言风波后，首次以"国民闺女"形象切入日化赛道，而她代言的养元青洗护系列，正因云南白药技术背书和百元内的亲民价格，成为粉丝经济转型的 绝佳样本。 直播间弹幕呈现显著代际差异。00后粉丝刷屏"紫妹颜值开挂"，80后妈妈群体则反复询问"儿童能否使用""成分是否温和"。这种分化恰恰印证了市场调 研：明星代言的受众边界正在消融，理性消费浪潮下，产品力已成为跨越年龄层的通用语言。更耐人寻味的是，当杨紫现场演示"三秒吹干长发"实验时， 实时观看人数突破800万，创下日化品类直播新纪录。 事件的导火索源于上半年MK代言 ...

Core Viewpoint - Yunnan Baiyao's revenue growth remains stagnant while net profit shows double-digit growth, indicating deep-seated issues in the company's operational strategy and business structure [2][3]. Revenue and Profit Analysis - In 2024, Yunnan Baiyao achieved operating revenue of 40.033 billion yuan, a year-on-year increase of only 2.36%, while net profit reached 4.749 billion yuan, a significant increase of 16.02% [3]. - The company has experienced single-digit revenue growth for three consecutive years, with growth rates of 7.19% in 2023 and just 0.31% in 2022 [3]. Cost Management - The increase in profit despite low revenue is attributed to a reduction in expenses, with sales expenses decreasing by 2.26% and advertising costs dropping from 660 million yuan to 460 million yuan, a decline of 30% [4][5]. - Employee compensation also decreased from 1.833 billion yuan to 1.6 billion yuan, contributing to profit growth [4]. Business Segment Performance - The pharmaceutical segment showed better performance with revenue of 6.924 billion yuan, up 11.8%, while the health products segment grew only 1.6% to 6.526 billion yuan [10]. - The commercial segment generated 24.6 billion yuan in revenue, accounting for 61.5% of total revenue, but its growth was only 0.48% with a low gross margin of 6.21% [11]. R&D Investment - Yunnan Baiyao's R&D investment in 2024 was only 348 million yuan, representing just 0.87% of its revenue, significantly lower than industry averages [13]. - The company is lagging in the development of innovative drugs, with key projects behind by 2-3 years compared to industry leaders [14]. Dividend Policy - The company adopted an aggressive dividend strategy, distributing 4.279 billion yuan in dividends in 2024, which accounted for 90.09% of net profit, far exceeding the average in the A-share pharmaceutical sector [17][18]. - Over the past five years, total dividends reached approximately 17.7 billion yuan, representing 86.67% of net profit during the same period [17]. Cash Flow Concerns - In 2024, the net cash flow from operating activities was 4.297 billion yuan, with significant pressure from high dividend payouts, leaving little free cash flow for R&D [20].