流量迷局:吕义雄与上美股份的单极增长隐忧

牛刀财经
Nov 19, 2025

(原标题:流量迷局:吕义雄与上美股份的单极增长隐忧)作者丨徐绪出品丨牛刀商业评论上美股份近年凭借主品牌韩束在抖音渠道的爆发式增长,一度成为最受瞩目的“流量黑马”。然而,在这高增长背后,公司深层次的结构性风险正不断积聚。从营收结构的严重失衡,到“重营销轻研发”模式下渠道过度依赖、盈利空间被挤压的双重困境,再到内部管理失控引发的劳资矛盾隐患,上美股份的“增长神话”正被一系列待解的难题层层包裹。01 “...

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