Analysis of Nanjiao Food (605339) Limit-Up: Short-Term Rally Driven by Capital Inflows and Consumption Recovery Expectations

Nanjiao Food (605339) hit the limit-up on November 21, 2025, with its share price reaching 20.96 yuan, an increase of 10.03% [0]. As a leading enterprise in China’s baking oil industry [7], the company’s clients include well-known brands such as Dali and Holiland [0]. This limit-up is mainly driven by two factors: first, significant inflow of main capital, with a net purchase of 72.7756 million yuan on the day, accounting for 43.72% of total turnover [5]; the Dragon and Tiger List shows that Guotai Haitong Securities Sanya Yingbin Road Branch had a net purchase of 113 million yuan [4]; second, the market’s expectation for consumption recovery is heating up [0].

However, the company’s recent fundamental performance is under pressure: in October 2025, the net profit attributable to shareholders of the parent company was only 1.7053 million yuan [6], a year-on-year decrease of 82.28% [0]; revenue in the first three quarters was 2.268 billion yuan, down 1.60% year-on-year, and net profit was 28.8213 million yuan, down 80.82% year-on-year [0]; the net profit in the third quarter alone was negative [0].

1. Obvious Capital Drive
   : On the day of the limit-up, the order-sealing capital was 189 million yuan, accounting for 2.12% of the circulating market value [0], indicating strong short-term capital attention to this stock.
2. Divergence Between Fundamentals and Stock Price
   : Although performance has declined significantly, market sentiment dominates short-term trends, reflecting the current market’s speculative demand for the consumer sector [0].
3. Industry Position Support
   : As a leader in the baking oil market [7], the company has long-term competitiveness, which may be one of the potential reasons for capital attention [0].

• Deteriorating Fundamentals
  : Sustained performance decline may lead to subsequent stock price corrections [0].
• Capital Withdrawal Risk
  : Short-term capital-driven rises, if lacking fundamental support, are prone to rapid reversals [0].

• Consumption Recovery Expectations
  : If the consumer market warms up, the company’s performance is expected to improve [0].
• Industry Consolidation Opportunities
  : As a leading enterprise, it may benefit from increased industry concentration [7].

The limit-up of Nanjiao Food (605339) is mainly driven by short-term capital inflows and consumption recovery expectations, contrasting with its recent weak fundamentals. Investors need to pay attention to the risk of divergence between fundamentals and stock price trends, while monitoring the overall recovery of the consumer sector.