The measured electromagnetic form factors of $Lambda$ hyperon in the time-like region are significantly deviated from pQCD prediction. We attribute the non-vanishing cross section near threshold to be the contribution of below-threshold $phi$(2170) state, supporting its exotic structure. Above the threshold, we find significant role of a wide vector meson with the mass of around 2.34 GeV, which would be the same state present in $pbar{p}$ annihilation reactions. As a result, we give a satisfactory description of the behavior of existing data without modifying pQCD expectation.
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