Literally: exist – name – no – fruit / substance / truth
Alternately: Something’s substance doesn’t match its reputation. Well-known but unable to deliver. For example, when you have laws on the books designed to protect people from abusive corporations and systemic inequality, but your attorney general is too bigoted to enforce them – this phrase is often used in reference to unenforced laws and extant but inactive organizations.
Notes: Apparently some people write yuumei as homophone and near-synonym 勇名, but this is considered an error.
This compound comes to us from the Guoyu (國語, in Japanese Kokugo), a Chinese 4th-century BCE collection of speeches. As such, it’s also sometimes given a Japanese reading as 名有りて実無し (na arite jitsu nashi).