diff --git a/apps/backend/src/db/migrations/115_product_channel_capabilities.sql b/apps/backend/src/db/migrations/115_product_channel_capabilities.sql
new file mode 100644
index 00000000..5562fa34
--- /dev/null
+++ b/apps/backend/src/db/migrations/115_product_channel_capabilities.sql
@@ -0,0 +1,100 @@
+-- 115_product_channel_capabilities.sql
+--
+-- 渠道能力与履约兜底：
+--   1. 商品可同时具备多个渠道能力（自动发货 + 人工兜底）；
+--   2. 订单项记录原始渠道与切换原因；
+--   3. 成本快照支持冲销（reversed_at），切换渠道时不双算；
+--   4. fulfillment_source 增加 affiliate_fallback。
+
+CREATE TABLE IF NOT EXISTS product_channel_capabilities (
+  product_id  BIGINT NOT NULL REFERENCES product_catalog(id) ON DELETE CASCADE,
+  channel     TEXT NOT NULL,
+  priority    INTEGER NOT NULL DEFAULT 100,
+  is_fallback BOOLEAN NOT NULL DEFAULT FALSE,
+  enabled     BOOLEAN NOT NULL DEFAULT TRUE,
+  source      TEXT NOT NULL DEFAULT 'auto',
+  created_at  TIMESTAMPTZ NOT NULL DEFAULT NOW(),
+  updated_at  TIMESTAMPTZ NOT NULL DEFAULT NOW(),
+  PRIMARY KEY (product_id, channel)
+);
+
+COMMENT ON TABLE product_channel_capabilities IS
+  '商品渠道能力：一个商品可同时支持自动发货、人工等；priority 越小越优先';
+
+-- 自动发货商品：默认自动优先，人工兜底
+INSERT INTO product_channel_capabilities (product_id, channel, priority, is_fallback)
+SELECT p.id, 'affiliate_dash', 10, FALSE
+FROM product_catalog p
+WHERE p.canonical_sku LIKE 'aff:%' AND p.status = 'active'
+ON CONFLICT (product_id, channel) DO NOTHING;
+
+INSERT INTO product_channel_capabilities (product_id, channel, priority, is_fallback)
+SELECT p.id, 'manual', 90, TRUE
+FROM product_catalog p
+WHERE p.canonical_sku LIKE 'aff:%' AND p.status = 'active'
+ON CONFLICT (product_id, channel) DO NOTHING;
+
+-- 人工商品：人工优先
+INSERT INTO product_channel_capabilities (product_id, channel, priority, is_fallback)
+SELECT p.id, 'manual', 10, FALSE
+FROM product_catalog p
+WHERE p.canonical_sku LIKE 'man:%' AND p.status = 'active'
+ON CONFLICT (product_id, channel) DO NOTHING;
+
+-- 卡券：只统计
+INSERT INTO product_channel_capabilities (product_id, channel, priority, is_fallback)
+SELECT p.id, 'third_party_voucher', 10, FALSE
+FROM product_catalog p
+WHERE p.canonical_sku LIKE 'tpv:%' AND p.status = 'active'
+ON CONFLICT (product_id, channel) DO NOTHING;
+
+-- 接单模板/工单商品
+INSERT INTO product_channel_capabilities (product_id, channel, priority, is_fallback)
+SELECT p.id, 'work_order', 10, FALSE
+FROM product_catalog p
+WHERE (p.canonical_sku LIKE 'tpl:%' OR p.canonical_sku LIKE 'wo:%') AND p.status = 'active'
+ON CONFLICT (product_id, channel) DO NOTHING;
+
+ALTER TABLE order_items
+  ADD COLUMN IF NOT EXISTS original_channel TEXT,
+  ADD COLUMN IF NOT EXISTS channel_switch_reason TEXT NOT NULL DEFAULT '',
+  ADD COLUMN IF NOT EXISTS channel_switched_at TIMESTAMPTZ;
+
+COMMENT ON COLUMN order_items.original_channel IS
+  '首次分流渠道；fallback/运营改渠道后仍保留，用于审计';
+COMMENT ON COLUMN order_items.channel_switch_reason IS
+  '渠道切换原因：affiliate_failed / manual_supplement / operator';
+
+ALTER TABLE cost_snapshots
+  ADD COLUMN IF NOT EXISTS reversed_at TIMESTAMPTZ,
+  ADD COLUMN IF NOT EXISTS reversal_reason TEXT NOT NULL DEFAULT '';
+
+DROP INDEX IF EXISTS uq_cost_snapshots_active_subject_item;
+CREATE UNIQUE INDEX IF NOT EXISTS uq_cost_snapshots_active_subject_item
+  ON cost_snapshots (subject_type, subject_id, cost_item_id)
+  WHERE superseded_at IS NULL AND reversed_at IS NULL;
+
+-- 人工成本快照同样排除已冲销行，允许冲销后重新确认。
+DROP INDEX IF EXISTS uq_cost_snapshots_manual_order_item;
+CREATE UNIQUE INDEX IF NOT EXISTS uq_cost_snapshots_manual_order_item
+  ON cost_snapshots (order_item_id)
+  WHERE subject_type = 'manual_case' AND superseded_at IS NULL
+    AND reversed_at IS NULL AND subject_id > 0;
+
+DO $$
+BEGIN
+  IF EXISTS (
+    SELECT 1 FROM pg_constraint WHERE conname = 'chk_order_items_fulfillment_source'
+  ) THEN
+    ALTER TABLE order_items DROP CONSTRAINT chk_order_items_fulfillment_source;
+  END IF;
+  ALTER TABLE order_items
+    ADD CONSTRAINT chk_order_items_fulfillment_source
+    CHECK (
+      fulfillment_source IN (
+        '', 'auto_rule', 'auto_mapping', 'carrier_evidence',
+        'manual_confirm', 'operator_assigned', 'cutover_archive',
+        'affiliate_fallback'
+      )
+    );
+END $$;
diff --git a/apps/backend/src/services/cost-center/cost-center-constants.ts b/apps/backend/src/services/cost-center/cost-center-constants.ts
index daca936f..de0aa318 100644
--- a/apps/backend/src/services/cost-center/cost-center-constants.ts
+++ b/apps/backend/src/services/cost-center/cost-center-constants.ts
@@ -106,11 +106,12 @@ export const WORK_ORDER_TEMPLATE_COST_BASELINE = '2026-07-10T00:00:00+08:00'
  */
 export const PRODUCT_SOURCE_PREFIXES: Array<{
   prefix: string
-  source: 'affiliate_dash' | 'work_order' | 'manual'
+  source: 'affiliate_dash' | 'work_order' | 'third_party_voucher' | 'manual'
 }> = [
   { prefix: 'aff:', source: 'affiliate_dash' },
   { prefix: 'tpl:', source: 'work_order' },
   { prefix: 'wo:', source: 'work_order' },
+  { prefix: 'tpv:', source: 'third_party_voucher' },
   { prefix: 'man:', source: 'manual' },
 ]
 
diff --git a/apps/backend/src/services/cost-center/cost-center.test.ts b/apps/backend/src/services/cost-center/cost-center.test.ts
index 030ec22f..cef18d66 100644
--- a/apps/backend/src/services/cost-center/cost-center.test.ts
+++ b/apps/backend/src/services/cost-center/cost-center.test.ts
@@ -298,3 +298,10 @@ test('成本模型与商品来源必须覆盖第三方卡券渠道', () => {
   assert.ok(productSourceFilterSql(1).includes("'third_party_voucher'"))
   assert.ok(productSourceFilterSql(1).includes("'tpv:%'"))
 })
+
+test('tpv: 商品来源归为第三方卡券', async () => {
+  const { productSourceOf } = await import('./cost-center-mappers.js')
+  const assert = (await import('node:assert/strict')).default
+  assert.equal(productSourceOf('tpv:模拟卡券'), 'third_party_voucher')
+  assert.equal(productSourceOf('man:模拟人工'), 'manual')
+})
diff --git a/apps/backend/src/services/cost-center/cost-exception-service.ts b/apps/backend/src/services/cost-center/cost-exception-service.ts
index 0e13d3ee..3321b47f 100644
--- a/apps/backend/src/services/cost-center/cost-exception-service.ts
+++ b/apps/backend/src/services/cost-center/cost-exception-service.ts
@@ -295,6 +295,25 @@ export async function resolveExceptionsForItemsByReason(
   return result.rowCount || 0
 }
 
+/**
+ * 清理“头还在、明细已空”的孤儿异常。
+ * 并发收口时可能出现明细已删但头未关闭，按 item 再查也找不到它。
+ */
+export async function resolveOrphanCostExceptions(): Promise<number> {
+  const result = await query<{ id: number }>(
+    `
+      UPDATE cost_exceptions ce
+      SET status = 'resolved', resolved_at = NOW(), item_count = 0, last_seen_at = NOW()
+      WHERE ce.status <> 'resolved'
+        AND NOT EXISTS (
+          SELECT 1 FROM cost_exception_items i WHERE i.exception_id = ce.id
+        )
+      RETURNING ce.id
+    `,
+  )
+  return result.rowCount || 0
+}
+
 export async function resolveExceptionsForItems(orderItemIds: number[]): Promise<number> {
   const ids = orderItemIds.filter((id) => Number.isInteger(id) && id > 0)
   if (ids.length === 0) return 0
diff --git a/apps/backend/src/services/cost-center/cost-resolution-service.ts b/apps/backend/src/services/cost-center/cost-resolution-service.ts
index 934dfc39..67bc7fca 100644
--- a/apps/backend/src/services/cost-center/cost-resolution-service.ts
+++ b/apps/backend/src/services/cost-center/cost-resolution-service.ts
@@ -177,7 +177,7 @@ export async function createAdminCostSnapshot(payload: JsonObject = {}, _session
           WHERE subject_type = 'order_item'
             AND subject_id = $1
             AND cost_item_id = $2
-            AND superseded_at IS NULL
+            AND superseded_at IS NULL AND reversed_at IS NULL
           FOR UPDATE
         `,
         [orderItemId, line.costItemId],
@@ -194,7 +194,7 @@ export async function createAdminCostSnapshot(payload: JsonObject = {}, _session
           continue
         }
         await client.query(
-          `UPDATE cost_snapshots SET superseded_at = $1 WHERE id = $2 AND superseded_at IS NULL`,
+          `UPDATE cost_snapshots SET superseded_at = $1 WHERE id = $2 AND superseded_at IS NULL AND reversed_at IS NULL`,
           [now, current.id],
         )
         supersededCount += 1
@@ -212,7 +212,7 @@ export async function createAdminCostSnapshot(payload: JsonObject = {}, _session
             $7, $8, $9, $10, 'resolved', $11::jsonb, $12, $13, $13
           )
           ON CONFLICT (subject_type, subject_id, cost_item_id)
-            WHERE superseded_at IS NULL
+            WHERE superseded_at IS NULL AND reversed_at IS NULL
           DO NOTHING
           RETURNING *
         `,
diff --git a/apps/backend/src/services/cost-center/cost-snapshot-service.ts b/apps/backend/src/services/cost-center/cost-snapshot-service.ts
index c7708bba..dcb65109 100644
--- a/apps/backend/src/services/cost-center/cost-snapshot-service.ts
+++ b/apps/backend/src/services/cost-center/cost-snapshot-service.ts
@@ -4,6 +4,7 @@ import { nowIso } from '../../utils/time.js'
 import { GENERIC_COST_MODELS } from './cost-center-constants.js'
 import {
   resolveExceptionsForItems,
+  resolveExceptionsForItemsByReason,
   upsertAggregatedExceptionsBatch,
   type AggregatedExceptionEntry,
 } from './cost-exception-service.js'
@@ -371,6 +372,7 @@ async function processCostRows(
   const inserts: Array<{ item: CostCandidateItem; resolution: NonNullable<CostResolution> }> = []
   const supersedeIds: number[] = []
   const missingEntries: AggregatedExceptionEntry[] = []
+  const resolvedMissingIds: number[] = []
 
   for (const item of rows) {
     const desired: Array<NonNullable<CostResolution>> = []
@@ -381,15 +383,25 @@ async function processCostRows(
     if (channelResolution) {
       desired.push(channelResolution)
     } else if (code) {
-      result.missing += 1
-      // 已在队列里的缺失项不再重复写三条 SQL，等价格补齐后自然收口。
-      if (!openMissing.has(Number(item.id))) {
-        missingEntries.push({
-          reason: 'cost_missing',
-          scopeKey: `cost_missing|${item.fulfillment_channel}|${item.canonical_product_id}|${item.work_product_rule_id ?? '-'}`,
-          orderItemId: Number(item.id),
-          detail: { channel: item.fulfillment_channel },
-        })
+      // 历史版本可能已 retired，但订单已有不可变快照：这单不算缺成本，
+      // 否则“改价后旧订单快照还在、异常却重新冒出来”。
+      const channelCostItem = ctx.channelCostItems.get(code)
+      const hasActiveChannelSnapshot = channelCostItem
+        ? existingMap.get(Number(item.id))?.has(Number(channelCostItem.id))
+        : false
+      if (hasActiveChannelSnapshot) {
+        resolvedMissingIds.push(Number(item.id))
+      } else {
+        result.missing += 1
+        // 已在队列里的缺失项不再重复写三条 SQL，等价格补齐后自然收口。
+        if (!openMissing.has(Number(item.id))) {
+          missingEntries.push({
+            reason: 'cost_missing',
+            scopeKey: `cost_missing|${item.fulfillment_channel}|${item.canonical_product_id}|${item.work_product_rule_id ?? '-'}`,
+            orderItemId: Number(item.id),
+            detail: { channel: item.fulfillment_channel },
+          })
+        }
       }
     }
 
@@ -429,6 +441,11 @@ async function processCostRows(
     }
   }
 
+  if (resolvedMissingIds.length > 0) {
+    await resolveExceptionsForItemsByReason(resolvedMissingIds, 'cost_missing').catch(
+      () => undefined,
+    )
+  }
   if (missingEntries.length > 0) {
     await upsertAggregatedExceptionsBatch(missingEntries)
   }
@@ -583,7 +600,7 @@ async function loadActiveSnapshots(
     `
       SELECT id, order_item_id, cost_item_id, cost_version_id, total_amount_fen, snapshot_stage
       FROM cost_snapshots
-      WHERE superseded_at IS NULL
+      WHERE superseded_at IS NULL AND reversed_at IS NULL
         AND order_item_id = ANY($1::bigint[])
     `,
     [itemIds],
@@ -655,7 +672,7 @@ async function insertSnapshots(
         product_id, quantity, unit_amount_fen, total_amount_fen, stage,
         channel, basis_at
       )
-      ON CONFLICT (subject_type, subject_id, cost_item_id) WHERE superseded_at IS NULL
+      ON CONFLICT (subject_type, subject_id, cost_item_id) WHERE superseded_at IS NULL AND reversed_at IS NULL
       DO NOTHING
     `,
     [
diff --git a/apps/backend/src/services/cost-center/product-catalog-service.ts b/apps/backend/src/services/cost-center/product-catalog-service.ts
index 17949039..b449accd 100644
--- a/apps/backend/src/services/cost-center/product-catalog-service.ts
+++ b/apps/backend/src/services/cost-center/product-catalog-service.ts
@@ -18,6 +18,12 @@ import { resolveSkuNameQuantity } from '../product-match/pricing.js'
 import { setAdminAffiliateProductPrice } from './affiliate-product-service.js'
 import { resolvePriceEffectiveFrom } from './cost-center-normalizers.js'
 import { ensureVoucherRuleForSku } from '../fulfillment/channel-assign-service.js'
+import { syncCostSnapshotsForItems } from './cost-snapshot-service.js'
+import {
+  resolveExceptionsForItemsByReason,
+  resolveOrphanCostExceptions,
+} from './cost-exception-service.js'
+import { orderItemBasisDates, refreshFactsForDates } from '../finance/refresh-facts.js'
 import { syncAdminWorkProductRulePrice } from '../worker-platform/admin-worker-catalog-service.js'
 import {
   AFFILIATE_TASK_AGG_JOIN,
@@ -1372,7 +1378,7 @@ export async function setAdminProductPrice(
   }
 
   const now = nowIso()
-  const effectiveFrom = resolvePriceEffectiveFrom(payload)
+  let effectiveFrom = resolvePriceEffectiveFrom(payload)
   const changeReason = String(payload.changeReason || '在商品与成本中心统一调整价格').trim()
 
   // 2. 如果是接单模板商品 (tpl:)
@@ -1548,6 +1554,35 @@ export async function setAdminProductPrice(
   )
   const existing = existingResult.rows[0]
   const existingTime = existing ? Date.parse(existing.effective_from) : null
+
+  // 首次配置/补价：如果这个商品还有未算成本的订单，默认从最早缺失订单当天生效，
+  // 否则当天早些时候的订单会因为“版本生效时间晚于下单时间”永远算不到成本。
+  effectiveFrom = resolvePriceEffectiveFrom(payload)
+  const requestedEffective = payload.effectiveFrom ?? payload.effective_from
+  if (!requestedEffective) {
+    const earliest = await query<{ basis_date: string | null }>(
+      `
+        SELECT MIN((COALESCE(o.paid_at, o.created_at) AT TIME ZONE 'Asia/Shanghai')::date)::text AS basis_date
+        FROM order_items oi
+        JOIN orders o ON o.id = oi.order_id
+        WHERE oi.canonical_product_id = $1
+          AND oi.fulfillment_status = 'assigned'
+          AND NOT EXISTS (
+            SELECT 1 FROM cost_snapshots cs
+            WHERE cs.order_item_id = oi.id
+              AND cs.cost_item_id = $2
+              AND cs.superseded_at IS NULL
+              AND cs.reversed_at IS NULL
+          )
+      `,
+      [product.id, costItemId],
+    )
+    const earliestDate = String(earliest.rows[0]?.basis_date || '').trim()
+    const earliestTime = earliestDate ? Date.parse(`${earliestDate}T00:00:00+08:00`) : NaN
+    if (Number.isFinite(earliestTime) && (existingTime === null || earliestTime < existingTime)) {
+      effectiveFrom = `${earliestDate}T00:00:00+08:00`
+    }
+  }
   const targetTime = Date.parse(effectiveFrom)
 
   let costVersionId = existing?.id || 0
@@ -1606,6 +1641,59 @@ export async function setAdminProductPrice(
     costVersionId = inserted.rows[0]?.id || 0
   }
 
+  // 配置后立刻补算该商品下缺成本的订单，避免用户看到“已配置但异常还在”。
+  const missingItems = await query<{ id: number }>(
+    `
+      SELECT oi.id
+      FROM order_items oi
+      WHERE oi.canonical_product_id = $1
+        AND oi.fulfillment_status = 'assigned'
+        AND NOT EXISTS (
+          SELECT 1 FROM cost_snapshots cs
+          WHERE cs.order_item_id = oi.id
+            AND cs.cost_item_id = $2
+            AND cs.superseded_at IS NULL
+            AND cs.reversed_at IS NULL
+        )
+      ORDER BY oi.id
+      LIMIT 2000
+    `,
+    [product.id, costItemId],
+  )
+  if (missingItems.rows.length > 0) {
+    const ids = missingItems.rows.map((row) => Number(row.id))
+    await syncCostSnapshotsForItems(ids).catch(() => undefined)
+    const dates = await orderItemBasisDates(ids)
+    await refreshFactsForDates(dates).catch(() => undefined)
+  }
+
+  // 已有快照但异常还挂着的（并发/历史遗留），保存成本时一并收口。
+  const coveredItems = await query<{ id: number }>(
+    `
+      SELECT oi.id
+      FROM order_items oi
+      WHERE oi.canonical_product_id = $1
+        AND oi.fulfillment_status = 'assigned'
+        AND EXISTS (
+          SELECT 1 FROM cost_snapshots cs
+          WHERE cs.order_item_id = oi.id
+            AND cs.cost_item_id = $2
+            AND cs.superseded_at IS NULL
+            AND cs.reversed_at IS NULL
+        )
+      ORDER BY oi.id
+      LIMIT 2000
+    `,
+    [product.id, costItemId],
+  )
+  if (coveredItems.rows.length > 0) {
+    await resolveExceptionsForItemsByReason(
+      coveredItems.rows.map((row) => Number(row.id)),
+      'cost_missing',
+    ).catch(() => undefined)
+  }
+  await resolveOrphanCostExceptions().catch(() => undefined)
+
   return {
     success: true,
     product,
diff --git a/apps/backend/src/services/cost-center/product-normalize-service.test.ts b/apps/backend/src/services/cost-center/product-normalize-service.test.ts
index 0f73d9af..39b7125d 100644
--- a/apps/backend/src/services/cost-center/product-normalize-service.test.ts
+++ b/apps/backend/src/services/cost-center/product-normalize-service.test.ts
@@ -1,7 +1,11 @@
 import assert from 'node:assert/strict'
 import test from 'node:test'
 
-import { buildMappingIndex, resolveProductId } from './product-normalize-service.js'
+import {
+  buildMappingIndex,
+  resolveProductId,
+  voucherCanonicalSku,
+} from './product-normalize-service.js'
 
 const mappings = [
   {
@@ -134,3 +138,24 @@ test('商品归一：第三方卡券按 tpv:SKU 直接命中', () => {
     41,
   )
 })
+
+test('三方卡券自动建商品时优先使用内部中文 SKU', () => {
+  assert.equal(
+    voucherCanonicalSku({
+      manual_sku_key: '11月改名卡',
+      sku_name: '11月改名卡',
+      sku_code: '192592489694733',
+    }),
+    'tpv:11月改名卡',
+  )
+  assert.equal(
+    voucherCanonicalSku({
+      manual_sku_key: '192592489694733',
+      sku_name: '11月改名卡',
+      sku_code: '192592489694733',
+    }),
+    'tpv:11月改名卡',
+  )
+  assert.equal(voucherCanonicalSku({ manual_sku_key: '', sku_name: '', sku_code: 'x' }), 'tpv:x')
+  assert.equal(voucherCanonicalSku({}), null)
+})
diff --git a/apps/backend/src/services/cost-center/product-normalize-service.ts b/apps/backend/src/services/cost-center/product-normalize-service.ts
index 6ea04101..9403ff05 100644
--- a/apps/backend/src/services/cost-center/product-normalize-service.ts
+++ b/apps/backend/src/services/cost-center/product-normalize-service.ts
@@ -5,7 +5,8 @@ import { readWatermarkItemId } from '../watermark-store.js'
 /**
  * 管道 B：商品归一。
  *
- * 只写 `order_items.canonical_product_id`，不建商品、不改渠道、不碰成本。
+ * 只写 `order_items.canonical_product_id`，不改渠道、不碰成本；
+ * 例外：三方卡券缺商品时按内部中文 SKU 自动建 `tpv:` 商品并补渠道规则。
  *
  * 解析顺序（与旧的四条回填路径统一）：
  *   1. 自动发货渠道：`aff:<sku_code>` 商品直接命中（该渠道的商品就是 SKU 本身）；
@@ -43,6 +44,7 @@ type ItemRow = {
   shop_id: string
   sku_code: string
   sku_name: string
+  manual_sku_key: string | null
   normalized_sku_name: string | null
   normalized_sku_series: string | null
   fulfillment_channel: string | null
@@ -110,6 +112,94 @@ export function buildMappingIndex(
   return index
 }
 
+/** 三方卡券的内部 SKU：优先中文，其次名称/平台码。 */
+export function pickVoucherInternalSku(item: {
+  manual_sku_key?: string | null
+  sku_name?: string | null
+  sku_code?: string | null
+}): string {
+  const candidates = [item.manual_sku_key, item.sku_name, item.sku_code]
+    .map((value) => String(value || '').trim())
+    .filter(Boolean)
+  return candidates.find((value) => /[\u4e00-\u9fff]/.test(value)) || candidates[0] || ''
+}
+
+export function voucherCanonicalSku(item: {
+  manual_sku_key?: string | null
+  sku_name?: string | null
+  sku_code?: string | null
+}): string | null {
+  const internal = pickVoucherInternalSku(item)
+  return internal ? `tpv:${internal}` : null
+}
+
+/**
+ * 三方卡券没有预先建库时，按内部 SKU 自动建 `tpv:` 商品并补渠道规则。
+ * 建完后该商品会出现在「商品与成本中心 → 第三方卡券」，运营直接设采购价。
+ */
+async function ensureVoucherProductForItem(item: ItemRow): Promise<number | null> {
+  const canonicalSku = voucherCanonicalSku(item)
+  const internalSku = pickVoucherInternalSku(item)
+  if (!canonicalSku || !internalSku) return null
+
+  const existing = await query<{ id: number; status: string }>(
+    'SELECT id, status FROM product_catalog WHERE canonical_sku = $1 LIMIT 1',
+    [canonicalSku],
+  )
+  let productId = Number(existing.rows[0]?.id || 0)
+  if (!productId) {
+    const created = await query<{ id: number }>(
+      `
+        INSERT INTO product_catalog (
+          canonical_sku, canonical_name, category, unit_name, status,
+          attributes_json, created_at, updated_at
+        )
+        VALUES ($1, $2, '卡券', '张', 'active', '{"source":"third_party_voucher","auto_created":true}'::jsonb, NOW(), NOW())
+        ON CONFLICT (canonical_sku) DO NOTHING
+        RETURNING id
+      `,
+      [canonicalSku, internalSku],
+    )
+    productId = Number(created.rows[0]?.id || 0)
+    if (!productId) {
+      const again = await query<{ id: number }>(
+        'SELECT id FROM product_catalog WHERE canonical_sku = $1 LIMIT 1',
+        [canonicalSku],
+      )
+      productId = Number(again.rows[0]?.id || 0)
+    }
+  }
+  if (!productId) return null
+
+  const current = await query<{ status: string }>(
+    'SELECT status FROM product_catalog WHERE id = $1',
+    [productId],
+  )
+  if (current.rows[0]?.status !== 'active') return null
+
+  await query(
+    'UPDATE order_items SET canonical_product_id = $2, updated_at = NOW() WHERE id = $1 AND canonical_product_id IS NULL',
+    [item.id, productId],
+  )
+
+  const skuCode = String(item.sku_code || '').trim()
+  if (skuCode) {
+    await query(
+      `
+        INSERT INTO sku_channel_rules (
+          provider, shop_id, match_key_type, match_key, channel, priority,
+          source, enabled, note, created_at, updated_at
+        )
+        VALUES ($1, $2, 'sku_code', $3, 'third_party_voucher', 10, 'voucher', TRUE,
+                '卡券订单自动建商品后生成', NOW(), NOW())
+        ON CONFLICT (provider, shop_id, match_key_type, match_key, channel) DO NOTHING
+      `,
+      [item.provider, item.shop_id, skuCode],
+    )
+  }
+  return productId
+}
+
 /** 纯函数：按索引解析商品，便于单测。 */
 export function resolveProductId(item: ItemRow, index: MappingIndex): number | null {
   const provider = String(item.provider || '').trim()
@@ -204,6 +294,7 @@ export async function normalizeOrderItemProducts(
           o.shop_id,
           oi.sku_code,
           oi.sku_name,
+          oi.manual_sku_key,
           oi.normalized_sku_name,
           oi.normalized_sku_series,
           oi.fulfillment_channel,
@@ -235,7 +326,10 @@ export async function normalizeOrderItemProducts(
     const matched: Array<{ id: number; productId: number }> = []
 
     for (const item of rows.rows) {
-      const productId = resolveProductId(item, index)
+      let productId = resolveProductId(item, index)
+      if (!productId && item.fulfillment_channel === 'third_party_voucher') {
+        productId = await ensureVoucherProductForItem(item)
+      }
       if (!productId) {
         result.unmatched += 1
         await upsertAggregatedException({
@@ -338,6 +432,7 @@ export async function normalizeProductsForItems(itemIds: number[]): Promise<{
         o.shop_id,
         oi.sku_code,
         oi.sku_name,
+        oi.manual_sku_key,
         oi.normalized_sku_name,
         oi.normalized_sku_series,
         oi.fulfillment_channel,
@@ -357,7 +452,10 @@ export async function normalizeProductsForItems(itemIds: number[]): Promise<{
   const matched: Array<{ id: number; productId: number }> = []
   let unmatched = 0
   for (const item of rows.rows) {
-    const productId = resolveProductId(item, index)
+    let productId = resolveProductId(item, index)
+    if (!productId && item.fulfillment_channel === 'third_party_voucher') {
+      productId = await ensureVoucherProductForItem(item)
+    }
     if (!productId) {
       unmatched += 1
       await upsertAggregatedException({
diff --git a/apps/backend/src/services/cost-center/work-order-product-service.ts b/apps/backend/src/services/cost-center/work-order-product-service.ts
index 7a70aa1d..8c36dae7 100644
--- a/apps/backend/src/services/cost-center/work-order-product-service.ts
+++ b/apps/backend/src/services/cost-center/work-order-product-service.ts
@@ -451,7 +451,7 @@ export async function syncAdminWorkOrderTemplateCostVersions(ruleId?: number) {
       JOIN rule_version rv ON rv.work_product_rule_id = wo.product_rule_id
       WHERE cs.order_item_id = wo.order_item_id
         AND cs.cost_item_id = rv.cost_item_id
-        AND cs.superseded_at IS NULL
+        AND cs.superseded_at IS NULL AND reversed_at IS NULL
         AND cs.cost_version_id <> rv.cost_version_id
         AND EXISTS (
           SELECT 1 FROM cost_versions gv
diff --git a/apps/backend/src/services/finance/finance-ledger-service.ts b/apps/backend/src/services/finance/finance-ledger-service.ts
index daf9ea9e..2e18ccb0 100644
--- a/apps/backend/src/services/finance/finance-ledger-service.ts
+++ b/apps/backend/src/services/finance/finance-ledger-service.ts
@@ -622,7 +622,7 @@ async function assertPeriodCloseable(
           SELECT 1 FROM cost_snapshots cs
           WHERE cs.subject_type = 'manual_case'
             AND cs.order_item_id = oi.id
-            AND cs.superseded_at IS NULL
+            AND cs.superseded_at IS NULL AND reversed_at IS NULL
         )
     `,
     [dateFrom, dateTo],
@@ -639,7 +639,7 @@ async function assertPeriodCloseable(
       JOIN order_items oi ON oi.id = cs.order_item_id
       JOIN orders o ON o.id = oi.order_id
       WHERE cs.subject_type = 'manual_case'
-        AND cs.superseded_at IS NULL
+        AND cs.superseded_at IS NULL AND reversed_at IS NULL
         AND (COALESCE(o.paid_at, o.created_at) AT TIME ZONE 'Asia/Shanghai')::date
           BETWEEN $1::date AND $2::date
         AND cs.created_at >= (SELECT MIN(created_at) FROM manual_fulfillment_configs)
@@ -661,7 +661,7 @@ async function assertPeriodCloseable(
       JOIN order_items oi ON oi.id = cs.order_item_id
       JOIN orders o ON o.id = oi.order_id
       WHERE cs.subject_type = 'manual_case'
-        AND cs.superseded_at IS NULL
+        AND cs.superseded_at IS NULL AND reversed_at IS NULL
         AND (COALESCE(o.paid_at, o.created_at) AT TIME ZONE 'Asia/Shanghai')::date
           BETWEEN $1::date AND $2::date
         AND cs.created_at >= (SELECT MIN(created_at) FROM manual_fulfillment_configs)
diff --git a/apps/backend/src/services/finance/manual-fulfillment-service.ts b/apps/backend/src/services/finance/manual-fulfillment-service.ts
index 9586525d..ae12cbd5 100644
--- a/apps/backend/src/services/finance/manual-fulfillment-service.ts
+++ b/apps/backend/src/services/finance/manual-fulfillment-service.ts
@@ -134,7 +134,7 @@ export async function listManualFulfillmentPending(
         cs.order_item_id,
         MAX(cs.created_at) AS fulfilled_at
       FROM cost_snapshots cs
-      WHERE cs.subject_type = 'manual_case' AND cs.superseded_at IS NULL
+      WHERE cs.subject_type = 'manual_case' AND cs.superseded_at IS NULL AND reversed_at IS NULL
       GROUP BY cs.order_item_id
     )
   `
@@ -294,7 +294,7 @@ export async function confirmManualFulfillment(payload: JsonObject, session: Adm
     // 锁内复查：并发/双击的第二个请求会等锁，醒来后看到快照直接拒绝，不会重复扣款。
     const existing = await client.query<{ id: number }>(
       `SELECT id FROM cost_snapshots
-       WHERE subject_type = 'manual_case' AND order_item_id = $1 AND superseded_at IS NULL
+       WHERE subject_type = 'manual_case' AND order_item_id = $1 AND superseded_at IS NULL AND reversed_at IS NULL
        LIMIT 1`,
       [orderItemId],
     )
@@ -874,7 +874,7 @@ export async function getManualFulfillmentCountsByOrderIds(
       WITH fulfilled AS (
         SELECT order_item_id, MAX(created_at) AS fulfilled_at
         FROM cost_snapshots
-        WHERE subject_type = 'manual_case' AND superseded_at IS NULL
+        WHERE subject_type = 'manual_case' AND superseded_at IS NULL AND reversed_at IS NULL
         GROUP BY order_item_id
       )
       SELECT
diff --git a/apps/backend/src/services/finance/sales-facts-channel-service.ts b/apps/backend/src/services/finance/sales-facts-channel-service.ts
index 2acfb934..c006ef42 100644
--- a/apps/backend/src/services/finance/sales-facts-channel-service.ts
+++ b/apps/backend/src/services/finance/sales-facts-channel-service.ts
@@ -105,18 +105,18 @@ export async function rebuildChannelSalesDailyFacts(input: {
                 FROM cost_snapshots cs
                 JOIN cost_items ci ON ci.id = cs.cost_item_id
                 WHERE cs.order_item_id = s.order_item_id
-                  AND cs.superseded_at IS NULL
+                  AND cs.superseded_at IS NULL AND reversed_at IS NULL AND cs.reversed_at IS NULL
                   AND ci.code = s.channel_cost_code
               )
               WHEN s.channel = 'manual' THEN NOT EXISTS (
                 SELECT 1 FROM cost_snapshots cs
                 WHERE cs.order_item_id = s.order_item_id
-                  AND cs.superseded_at IS NULL
+                  AND cs.superseded_at IS NULL AND reversed_at IS NULL AND cs.reversed_at IS NULL
                   AND cs.subject_type = 'manual_case'
               )
               ELSE NOT EXISTS (
                 SELECT 1 FROM cost_snapshots cs
-                WHERE cs.order_item_id = s.order_item_id AND cs.superseded_at IS NULL
+                WHERE cs.order_item_id = s.order_item_id AND cs.superseded_at IS NULL AND reversed_at IS NULL AND cs.reversed_at IS NULL
               )
             END AS cost_missing,
             COALESCE(c.has_actual, FALSE) AS has_actual
@@ -128,7 +128,7 @@ export async function rebuildChannelSalesDailyFacts(input: {
               SUM(cs.total_amount_fen)::bigint AS cost_fen,
               BOOL_AND(cs.snapshot_stage = 'actual') AS has_actual
             FROM cost_snapshots cs
-            WHERE cs.superseded_at IS NULL
+            WHERE cs.superseded_at IS NULL AND reversed_at IS NULL AND cs.reversed_at IS NULL
             GROUP BY cs.order_item_id
           ) c ON c.order_item_id = s.order_item_id
         )
diff --git a/apps/backend/src/services/fulfillment/affiliate-fallback-service.test.ts b/apps/backend/src/services/fulfillment/affiliate-fallback-service.test.ts
new file mode 100644
index 00000000..73604758
--- /dev/null
+++ b/apps/backend/src/services/fulfillment/affiliate-fallback-service.test.ts
@@ -0,0 +1,12 @@
+import assert from 'node:assert/strict'
+import test from 'node:test'
+
+import { AFFILIATE_FAILURE_STATUSES } from './affiliate-fallback-service.js'
+
+test('自动发货失败状态全部纳入转人工', () => {
+  for (const status of ['closed', 'expired', 'manual_review', 'retry_pending', 'cancelled']) {
+    assert.ok(AFFILIATE_FAILURE_STATUSES.includes(status as never))
+  }
+  assert.ok(!AFFILIATE_FAILURE_STATUSES.includes('redeemed' as never))
+  assert.ok(!AFFILIATE_FAILURE_STATUSES.includes('waiting_binding' as never))
+})
diff --git a/apps/backend/src/services/fulfillment/affiliate-fallback-service.ts b/apps/backend/src/services/fulfillment/affiliate-fallback-service.ts
new file mode 100644
index 00000000..78d2df25
--- /dev/null
+++ b/apps/backend/src/services/fulfillment/affiliate-fallback-service.ts
@@ -0,0 +1,122 @@
+import { query, withTransaction } from '../../db/client.js'
+import { syncCostSnapshotsForItems } from '../cost-center/cost-snapshot-service.js'
+import { refreshFactsForDates } from '../finance/refresh-facts.js'
+
+/**
+ * 自动发货失败 → 人工兜底。
+ *
+ * 触发：该订单项最新一条 affiliate_dash 任务处于失败状态，且没有任何成功任务。
+ * 切换后：原渠道成本（sys_affiliate_purchase）冲销，人工成本等确认时再记；
+ * 自动任务本身不改状态，只记录订单项的切换原因，避免重复触发。
+ */
+export const AFFILIATE_FAILURE_STATUSES = [
+  'closed',
+  'expired',
+  'manual_review',
+  'retry_pending',
+  'cancelled',
+] as const
+
+const AFFILIATE_SUCCESS_STATUSES = ['redeemed', 'paid'] as const
+
+export async function runAffiliateFallback(
+  options: { limit?: number } = {},
+): Promise<{ scanned: number; switched: number }> {
+  const limit = Math.min(1000, Math.max(1, Math.trunc(options.limit || 200)))
+  const candidates = await query<{
+    id: number
+    order_item_id: number
+    provider: string
+    shop_id: string
+    manual_sku_key: string | null
+    sku_name: string
+    config_id: number | null
+    basis_date: string
+  }>(
+    `
+      SELECT
+        oi.id,
+        oi.id AS order_item_id,
+        o.provider,
+        o.shop_id,
+        oi.manual_sku_key,
+        oi.sku_name,
+        cfg.id AS config_id,
+        (COALESCE(o.paid_at, o.created_at) AT TIME ZONE 'Asia/Shanghai')::date::text AS basis_date
+      FROM order_items oi
+      JOIN orders o ON o.id = oi.order_id
+      LEFT JOIN manual_fulfillment_configs cfg
+        ON cfg.sku_key = oi.manual_sku_key AND cfg.enabled
+      WHERE oi.fulfillment_status = 'assigned'
+        AND oi.fulfillment_channel = 'affiliate_dash'
+        AND oi.fulfillment_locked = FALSE
+        AND EXISTS (
+          SELECT 1 FROM fulfillment_tasks ft
+          WHERE ft.order_item_id = oi.id
+            AND ft.executor_key = 'affiliate_dash'
+            AND ft.task_status = ANY($1::text[])
+        )
+        AND NOT EXISTS (
+          SELECT 1 FROM fulfillment_tasks ft
+          WHERE ft.order_item_id = oi.id
+            AND ft.executor_key = 'affiliate_dash'
+            AND ft.task_status = ANY($2::text[])
+        )
+      ORDER BY oi.id
+      LIMIT $3
+    `,
+    [AFFILIATE_FAILURE_STATUSES, AFFILIATE_SUCCESS_STATUSES, limit],
+  )
+
+  const switchedIds: number[] = []
+  const affectedDates = new Set<string>()
+
+  for (const row of candidates.rows) {
+    const updated = await withTransaction(async (client) => {
+      const result = await client.query(
+        `
+          UPDATE order_items
+          SET
+            original_channel = COALESCE(original_channel, 'affiliate_dash'),
+            fulfillment_channel = 'manual',
+            fulfillment_status = 'assigned',
+            fulfillment_source = 'affiliate_fallback',
+            channel_switch_reason = 'affiliate_failed',
+            channel_switched_at = NOW(),
+            fulfillment_config_id = COALESCE(fulfillment_config_id, $2),
+            updated_at = NOW()
+          WHERE id = $1
+            AND fulfillment_status = 'assigned'
+            AND fulfillment_channel = 'affiliate_dash'
+            AND fulfillment_locked = FALSE
+          RETURNING id
+        `,
+        [row.id, row.config_id],
+      )
+      if ((result.rowCount || 0) === 0) return false
+
+      await client.query(
+        `
+          UPDATE cost_snapshots
+          SET reversed_at = NOW(), reversal_reason = 'affiliate_failed'
+          WHERE order_item_id = $1
+            AND cost_item_id = (SELECT id FROM cost_items WHERE code = 'sys_affiliate_purchase')
+            AND superseded_at IS NULL AND reversed_at IS NULL
+            AND reversed_at IS NULL
+        `,
+        [row.id],
+      )
+      return true
+    })
+    if (!updated) continue
+    switchedIds.push(Number(row.id))
+    affectedDates.add(row.basis_date)
+  }
+
+  for (const id of switchedIds) {
+    await syncCostSnapshotsForItems([id]).catch(() => undefined)
+  }
+  await refreshFactsForDates([...affectedDates]).catch(() => undefined)
+
+  return { scanned: candidates.rows.length, switched: switchedIds.length }
+}
diff --git a/apps/backend/src/services/scheduler/finance-pipeline-jobs.ts b/apps/backend/src/services/scheduler/finance-pipeline-jobs.ts
index 19c1a8b9..303e3dfd 100644
--- a/apps/backend/src/services/scheduler/finance-pipeline-jobs.ts
+++ b/apps/backend/src/services/scheduler/finance-pipeline-jobs.ts
@@ -1,8 +1,10 @@
 import type { JsonObject } from '../../types/json.js'
 import { query } from '../../db/client.js'
 import { assignPendingOrderItemChannels } from '../fulfillment/channel-assign-service.js'
+import { runAffiliateFallback } from '../fulfillment/affiliate-fallback-service.js'
 import {
   resolveExceptionsForItemsByReason,
+  resolveOrphanCostExceptions,
   upsertAggregatedExceptionsBatch,
   type AggregatedExceptionEntry,
 } from '../cost-center/cost-exception-service.js'
@@ -167,7 +169,7 @@ export async function runCarrierDispatchJob(job: JsonObject = {}) {
           SELECT 1 FROM cost_snapshots cs
           WHERE cs.subject_type = 'manual_case'
             AND cs.order_item_id = oi.id
-            AND cs.superseded_at IS NULL
+            AND cs.superseded_at IS NULL AND reversed_at IS NULL
         )
         AND NOT EXISTS (
           SELECT 1
@@ -252,17 +254,23 @@ export async function runCarrierDispatchJob(job: JsonObject = {}) {
   }
 
   const resolved = await resolveCarrierDispatchExceptions()
+  const fallback = await runAffiliateFallback({ limit: 200 }).catch(() => ({
+    scanned: 0,
+    switched: 0,
+  }))
   const nextCursor = maxId === 0 ? 0 : maxId
   await touchWatermark('carrier_dispatch', { lastItemId: nextCursor })
   return {
     status: 'ok',
     message:
       `人工载体挂载 ${attached}，缺配置 ${missingManual.rows.length}，` +
-      `缺履约载体 ${missingCarrier.rows.length}，异常收口 ${resolved}`,
+      `缺履约载体 ${missingCarrier.rows.length}，异常收口 ${resolved}，` +
+      `自动转人工 ${fallback.switched}`,
     attached,
     missingManual: missingManual.rows.length,
     missingCarrier: missingCarrier.rows.length,
     resolved,
+    affiliateFallback: fallback.switched,
   }
 }
 
@@ -335,7 +343,7 @@ async function resolveCarrierDispatchExceptions(): Promise<number> {
             SELECT 1 FROM cost_snapshots cs
             WHERE cs.subject_type = 'manual_case'
               AND cs.order_item_id = i.order_item_id
-              AND cs.superseded_at IS NULL
+              AND cs.superseded_at IS NULL AND reversed_at IS NULL
           )
         LIMIT 500
       `,
@@ -383,6 +391,7 @@ export async function runCostSnapshotJob(job: JsonObject = {}) {
   await touchWatermark('cost_snapshot', { lastItemId: result.nextCursor })
   await touchWatermark('cost_snapshot_hot', { lastItemId: result.hotCursor })
   const refreshed = await refreshFactsForDates(result.affectedDates)
+  await resolveOrphanCostExceptions().catch(() => undefined)
   return {
     status: 'ok',
     message: