LinSen Bio-The Rise and Fall of a Plant-Based Skincare Brand

LinSen Bio, established in 2005 and specializing in plant-based skincare products and extracts, reached its peak in 2022 with a revenue of 161 million yuan and a year-on-year increase of 83.33% in net profit attributable to the parent company, becoming a leader in the industry.

However, since 2023, its performance has plummeted dramatically. In 2023, its revenue dropped sharply to 22.58 million yuan, and the company even recorded a net loss of 5.45 million yuan. 

The main reason for LinSen Bio's poor performance is the sudden decline in sales of plant-based skincare products. This business, once the core driving force of its development, generated 86.68 million yuan in revenue in 2021, accounting for 71% of total revenue.

However, in 2023, revenue from this business plummeted by 98%, shrinking to just 2.78 million yuan.