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 48082dbf..daca936f 100644
--- a/apps/backend/src/services/cost-center/cost-center-constants.ts
+++ b/apps/backend/src/services/cost-center/cost-center-constants.ts
@@ -67,7 +67,6 @@ export type FulfillmentChannel =
   | 'pending'
   | 'archived'
   | 'unclassified'
-  | 'refund_adjustment'
 
 export const FULFILLMENT_CHANNELS = new Set<string>([
   'work_order',
@@ -77,7 +76,6 @@ export const FULFILLMENT_CHANNELS = new Set<string>([
   'pending',
   'archived',
   'unclassified',
-  'refund_adjustment',
 ])
 
 /**
diff --git a/apps/backend/src/services/finance/order-refund-service.ts b/apps/backend/src/services/finance/order-refund-service.ts
index 25faeb92..20bbceb0 100644
--- a/apps/backend/src/services/finance/order-refund-service.ts
+++ b/apps/backend/src/services/finance/order-refund-service.ts
@@ -329,11 +329,11 @@ export async function createManualRefund(
   })
 
   // 比例类费用按净收入计：退款后重算相关订单项的费用快照，再回填事实。
+  const refundedItems = await query<{ order_item_id: number }>(
+    'SELECT DISTINCT order_item_id FROM order_refunds WHERE id = ANY($1::bigint[])',
+    [written.insertedIds],
+  )
   try {
-    const refundedItems = await query<{ order_item_id: number }>(
-      'SELECT DISTINCT order_item_id FROM order_refunds WHERE id = ANY($1::bigint[])',
-      [written.insertedIds],
-    )
     for (const row of refundedItems.rows) {
       await syncChannelCostSnapshots({
         afterId: Math.max(0, Number(row.order_item_id) - 1),
@@ -345,8 +345,10 @@ export async function createManualRefund(
     // 快照重算失败不影响退款本身，成本快照管道会兜底。
   }
 
-  const basisDate = toChinaDate(written.basisAt)
-  await refreshRefundDates(basisDate)
+  await refreshActiveRefundFacts(
+    refundedItems.rows.map((row) => Number(row.order_item_id)),
+    toChinaDate(written.basisAt),
+  )
 
   const refunds = await listOrderRefunds(orderId)
   return {
@@ -458,7 +460,14 @@ export async function voidOrderRefund(
   })
 
   const rebuiltDate = toChinaDate(context.basisAt)
-  await refreshRefundDates(rebuiltDate)
+  const voidedItem = await query<{ order_item_id: number }>(
+    'SELECT order_item_id FROM order_refunds WHERE id = $1',
+    [id],
+  )
+  await refreshActiveRefundFacts(
+    voidedItem.rows.map((row) => Number(row.order_item_id)),
+    rebuiltDate,
+  )
   const refunds = await listOrderRefunds(context.orderId)
   const refund = refunds.find((item) => item.id === id)
   if (!refund) {
@@ -574,17 +583,20 @@ function toChinaDate(value: string): string {
 }
 
 /**
- * 退款后回填事实与总账：
- * - 原销售日：更新该订单项的收入/费用；
- * - 退款日：生成历史订单（archived）的退款冲减行。
+ * 退款后回填事实与总账：只处理断代后的订单项。
+ * 历史归档订单的退款不进入新财务口径（业务侧自行处理）。
  */
-async function refreshRefundDates(basisDate: string): Promise<void> {
-  const refundDate = CHINA_DATE_FORMATTER.format(new Date())
-  const dates = [basisDate, refundDate].filter(Boolean)
-  for (const date of [...new Set(dates)]) {
-    await rebuildChannelSalesDailyFacts({ dateFrom: date, dateTo: date })
-    await syncFinanceLedgerFromFacts({ dateFrom: date, dateTo: date })
-  }
+async function refreshActiveRefundFacts(itemIds: number[], basisDate: string): Promise<void> {
+  const ids = [...new Set(itemIds.filter((id) => Number.isInteger(id) && id > 0))]
+  if (ids.length === 0 || !basisDate) return
+  const active = await query<{ total: number }>(
+    `SELECT COUNT(*)::int AS total FROM order_items
+     WHERE id = ANY($1::bigint[]) AND fulfillment_status <> 'archived'`,
+    [ids],
+  )
+  if (Number(active.rows[0]?.total || 0) === 0) return
+  await rebuildChannelSalesDailyFacts({ dateFrom: basisDate, dateTo: basisDate })
+  await syncFinanceLedgerFromFacts({ dateFrom: basisDate, dateTo: basisDate })
 }
 
 function formatFen(value: number): string {
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 b0c46386..2acfb934 100644
--- a/apps/backend/src/services/finance/sales-facts-channel-service.ts
+++ b/apps/backend/src/services/finance/sales-facts-channel-service.ts
@@ -169,47 +169,9 @@ export async function rebuildChannelSalesDailyFacts(input: {
       [dateFrom, dateTo, computedAt],
     )
 
-    // 断代后历史订单的退款：按退款发生日记冲减行，否则这类退款会彻底丢失。
-    const adjustments = await client.query(
-      `
-        WITH adj AS (
-          SELECT
-            (r.refunded_at AT TIME ZONE 'Asia/Shanghai')::date AS stat_date,
-            o.provider,
-            o.shop_id,
-            COUNT(DISTINCT o.id)::int AS order_count,
-            COUNT(*)::int AS item_count,
-            SUM(r.amount_fen)::bigint AS refund_fen
-          FROM order_refunds r
-          JOIN order_items oi ON oi.id = r.order_item_id
-          JOIN orders o ON o.id = oi.order_id
-          WHERE r.status = 'confirmed'
-            AND oi.fulfillment_status = 'archived'
-            AND (r.refunded_at AT TIME ZONE 'Asia/Shanghai')::date
-              BETWEEN $1::date AND $2::date
-          GROUP BY 1, 2, 3
-        )
-        INSERT INTO sales_daily_facts (
-          stat_date, provider, shop_id, canonical_product_id, channel,
-          order_count, item_count, quantity,
-          gross_revenue_fen, refund_amount_fen, net_revenue_fen,
-          cost_amount_fen, cost_missing_count, cost_stage,
-          gross_profit_fen, computed_at, created_at, updated_at
-        )
-        SELECT
-          stat_date, provider, shop_id, NULL, 'refund_adjustment',
-          order_count, item_count, 0,
-          0, refund_fen, -refund_fen,
-          0, 0, 'actual',
-          -refund_fen, $3::timestamptz, $3::timestamptz, $3::timestamptz
-        FROM adj
-      `,
-      [dateFrom, dateTo, computedAt],
-    )
-
     return {
       deleted: deleted.rowCount || 0,
-      inserted: (inserted.rowCount || 0) + (adjustments.rowCount || 0),
+      inserted: inserted.rowCount || 0,
       skipped,
     }
   })
diff --git a/apps/frontend/src/pages/admin/AdminSalesProfitPage.tsx b/apps/frontend/src/pages/admin/AdminSalesProfitPage.tsx
index 3c0e9ed4..a51a702c 100644
--- a/apps/frontend/src/pages/admin/AdminSalesProfitPage.tsx
+++ b/apps/frontend/src/pages/admin/AdminSalesProfitPage.tsx
@@ -41,7 +41,6 @@ const FULFILLMENT_MODE_OPTIONS = [
   { value: 'third_party_voucher', label: '第三方卡券' },
   { value: 'manual', label: '人工客服' },
   { value: 'unclassified', label: '未分类' },
-  { value: 'refund_adjustment', label: '历史退款冲减' },
   { value: 'archived', label: '历史归档' },
 ]
 
@@ -53,7 +52,6 @@ const FULFILLMENT_MODE_LABEL: Record<string, string> = {
   manual: '人工客服',
   archived: '历史归档',
   unclassified: '未分类',
-  refund_adjustment: '历史退款冲减',
 }
 
 const COST_STAGE_LABEL: Record<string, { label: string; color: string }> = {
diff --git a/apps/frontend/src/pages/admin/cost-center/CostExceptionPanel.tsx b/apps/frontend/src/pages/admin/cost-center/CostExceptionPanel.tsx
index 9b5b41c7..18c9fffb 100644
--- a/apps/frontend/src/pages/admin/cost-center/CostExceptionPanel.tsx
+++ b/apps/frontend/src/pages/admin/cost-center/CostExceptionPanel.tsx
@@ -52,7 +52,6 @@ const FULFILLMENT_MODE_LABELS: Record<string, string> = {
   pending: '待分类',
   archived: '历史归档',
   unclassified: '未分类',
-  refund_adjustment: '历史退款冲减',
 }
 
 const REASON_LABELS: Record<string, string> = {
diff --git a/apps/frontend/src/types/admin/cost-center.ts b/apps/frontend/src/types/admin/cost-center.ts
index 3ce63cd0..6363f8af 100644
--- a/apps/frontend/src/types/admin/cost-center.ts
+++ b/apps/frontend/src/types/admin/cost-center.ts
@@ -8,7 +8,6 @@ export type FulfillmentChannel =
   | 'third_party_voucher'
   | 'legacy_platform'
   | 'manual'
-  | 'refund_adjustment'
 
 /** 商品来源：由 canonical_sku 前缀推导，空串表示未分类。 */
 export type ProductSource = 'affiliate_dash' | 'work_order' | 'third_party_voucher' | 'manual' | ''