Nanfang Road Machinery (603280) Comprehensive Analysis of Limit-Up on November 21, 2025: Driven by Capital Inflows and Fundamental Improvements

This analysis is based on Tushare’s limit-up pool data. Nanfang Road Machinery (603280) hit the limit-up on November 21, 2025, with a closing price of 40.15 yuan and a 10% increase [0]. Key driving factors include a single-day net purchase of 89.0182 million yuan by main funds [1][4][7], a 1475.03% year-on-year growth in cash flow in the third quarter [5], a 24.7% increase in contract liabilities indicating sufficient orders [5], and the advantage of full industry chain layout [2][6].

Nanfang Road Machinery is an enterprise in the engineering mixing equipment field, with a full industry chain layout covering raw aggregate processing, engineering mixing, and aggregate recycling processing [3]. On November 21, 2025, the stock price hit the limit-up, and the significant inflow of main funds was the direct driving factor [1]. In terms of fundamentals, the first three quarters of 2025 saw revenue of 742 million yuan (year-on-year -0.46%) and a gross profit margin of 30.18% [0], but the third quarter cash flow improved significantly, and the growth in contract liabilities reflects sufficient orders [5]. At the industry level, the construction machinery industry benefits from infrastructure investment policy support [0], and the concrete machinery segment has a good prospect.

• Capital and fundamental resonance: The inflow of main funds, improvement in cash flow, and sufficient orders form a positive cycle, driving the stock price up [0][1][5]
• Full industry chain advantage: The company’s layout covers aggregate processing to recycling, giving it a differentiated advantage in industry competition [2][3]
• Policy dividends: Infrastructure investment policies bring growth opportunities to the construction machinery industry, and Nanfang Road Machinery, as a segment enterprise, directly benefits [0]

• Opportunities
  : Global expansion strategy (the company’s long-term growth foundation [0]) and increased R&D investment (2025 R&D expenses +9.3% year-on-year [0]) bring potential for technological innovation
• Risks
  : A slight year-on-year decline in revenue (-0.46% [0]) may reflect short-term market demand fluctuations; the risk of intensified industry competition needs attention

Nanfang Road Machinery (603280) limit-up is mainly driven by main fund inflows and fundamental improvements. The company’s full industry chain layout and policy support provide support for long-term development, but short-term revenue pressure needs attention. Investors should pay attention to subsequent order implementation and industry policy trends