Core Viewpoint - Nanjing Xinbai's stock has experienced significant volatility due to the liquidity debt crisis faced by its controlling shareholder, Sanbao Group, and the judicial freeze of its main assets [1] Company Summary - Nanjing Xinbai's stock price increased by over 20% during the trading days from July 22 to July 24, 2025, indicating abnormal trading activity [1] - The company's controlling shareholder, Sanbao Group, and its actual controller, Yuan Yafei, are currently facing a liquidity debt crisis [1] - The main assets of Sanbao Group have been judicially frozen, which may impact Nanjing Xinbai's operations and financial stability [1]