本文基于FPP（Fundamental-Psychology-Price）框架，系统分析了云南白药的投资价值。宏观层面，温和复苏的经济与持续宽松的流动性为中药消费扩容；政策端，《“十四五”中医药发展规划》等文件明确长期扶持，老龄化加速带来需求增量。行业端，中药处于成长期向成熟期过渡，“低集中、高稳定”格局下国资主导整合，头部企业凭品牌、渠道、资源壁垒强化议价力。公司端，云南白药凭借123年品牌、全产业链闭环与持续创新，四大事业群协同发力，2024年净利同增16%，现金流稳健，股息率领先；估值处于三年14%分位，具备安全边际。短期关注创新药研发催化，中长期看好数字化中药生态与国际化带来的盈利弹性，给予“逢低布局、长期持有”建议。

Based on the FPP (Fundamental-Psychology-Price) framework, this paper systematically evaluates the investment merits of Yunnan Baiyao. Macroeconomic conditions point to a mild recovery and sustained liquidity, expanding the market for traditional Chinese medicine (TCM). Policy documents such as the 14th Five-Year Plan for TCM guarantee long-term state support, while accelerating population aging further boosts demand. Industrially, TCM is transitioning from growth to maturity; the sector exhibits “low concentration yet high stability,” with state-owned capital spearheading consolidation and leading firms leveraging brand, channel and resource moats to strengthen pricing power. At the company level, Yunnan Baiyao’s 123-year brand, closed-loop supply chain and continuous innovation drive four synergistic business segments; 2024 net profit rose 16 %, cash flow is robust and the dividend yield tops the industry. Valuation stands at the 14th percentile of its three-year range, offering a margin of safety. Near-term catalysts stem from innovative-drug pipelines, while a digital TCM ecosystem and internationalization underpin long-term earnings resilience. We recommend accumulating on weakness and holding for the long run.