A sequence of gabbros showing isotropic, layered and fine-grained textures is exposed in the Nalaqing mine at the southern tip of the ∼260 Ma Panzhihua intrusion, SW China. The field relations, structure, texture and mineralogy of the rocks indicate that the sequence represents the transition between the Lower zone and Middle zone of the intrusion. Isotropic gabbros characteristic of the Lower zone pass upward to layered gabbros of the Middle zone through a ∼5 m-thick microgabbro sheet, within and close to which small-scaled, concordant Fe-Ti oxide ore horizons are identified. Strong fractionation between HFSE and REE in a subset of samples is ascribed to cumulus titanomagnetite into which HFSE are preferentially incorporated over REE, as reflected in the parallel relations between Nb/La, Hf/Sm and Ti/Ti*. Both the isotropic and layered gabbros display cumulatetextures and have similar mineral compositions (Mg^# of clinopyroxene = ∼76–79 and An_59–61), isotopic compositions [(⁸⁷Sr/⁸⁶Sr)_i = 0.7044–0.7045 and ε_Nd(t) = +2.4 to +3.9] and trapped liquid contents inferred from Zr abundance (∼17–34 ppm). However, there are substantial variations in elemental abundances (V, Cr and PGE) and ratios (Ti/V, La/Yb, Ba/Y and Cu/Pd) between the two types of gabbros, features that cannot be explained by cumulate formation from a common magma in a closed system. The microgabbros generally resemble high-Ti Emeishan basalts in major element compositions, but their low trace element abundances indicate some lost of residual liquid is inevitable despite rapid nucleation and cooling. Combined with available data and observations, we propose a model involving in-situcrystallization, followed by magma recharge and closed-system fractionation to explain the formation of texturally distinctive gabbros at Nalaqing and the evolution of the lower part of the Panzhihua intrusion.