Yanjiyou

About Yanjiyou

Yanjiyou is a Chinese bookstore chain that evolved from its predecessor, "Today Reading," which was founded in 2006. The first Yanjiyou-branded store opened in Beijing in 2014, redefining itself as an urban cultural space. The founder, Dan Jie, envisioned the brand not just as a bookstore but as a composite cultural space and consumption brand centered around design-driven, experiential scenarios.

The company's business model integrates bookselling with a variety of other commercial activities, including cafes, creative merchandise (wenchuang), art galleries, and even services like photographic studios. This diversified model was designed to create a "cultural life experience space," targeting urban youth and generating revenue streams beyond low-margin book sales. The most profitable segments were beverages and creative products. The stores were known for their unique, non-replicable designs, often created by well-known designers, which helped establish Yanjiyou as a popular "网红" (internet famous) destination for visitors to check in on social media.

Yanjiyou underwent rapid, capital-fueled expansion, at its peak operating around 60 stores across major Chinese cities like Beijing, Shanghai, and Chengdu. The company secured four rounds of funding between 2014 and 2018, with B and B+ rounds exceeding 100 million RMB each from investors including Hongtai Fund and Toutou Shidao Fund. However, this heavy-asset, high-cost expansion model put significant strain on the company's cash flow. Starting in 2021, the company faced significant financial difficulties, leading to widespread store closures, defaulting on payments to suppliers, and staff salaries. By mid-2022, the company had closed the majority of its stores, including all locations in Beijing, Guangzhou, and other key cities, with only a few remaining in operation.