diff --git a/apps/frontend/src/App.tsx b/apps/frontend/src/App.tsx
index 1e761bf6..ef310aec 100644
--- a/apps/frontend/src/App.tsx
+++ b/apps/frontend/src/App.tsx
@@ -24,6 +24,7 @@ const AdminFinancePage = lazy(() => import('@/pages/admin/AdminFinancePage'))
 const AdminFinanceLedgerPage = lazy(() => import('@/pages/admin/AdminFinanceLedgerPage'))
 const AdminSalesProfitPage = lazy(() => import('@/pages/admin/AdminSalesProfitPage'))
 const AdminCostCenterPage = lazy(() => import('@/pages/admin/AdminCostCenterPage'))
+const AdminFulfillmentChannelPage = lazy(() => import('@/pages/admin/AdminFulfillmentChannelPage'))
 const AdminFundPage = lazy(() => import('@/pages/admin/AdminFundPage'))
 const AdminAuditLogsPage = lazy(() => import('@/pages/admin/AdminAuditLogsPage'))
 const AdminKuaishouIndustryPage = lazy(() => import('@/pages/admin/AdminKuaishouIndustryPage'))
@@ -153,6 +154,7 @@ function AdminApplication() {
                 <Route path="finance/ledger" element={<AdminFinanceLedgerPage />} />
                 <Route path="sales-profit" element={<AdminSalesProfitPage />} />
                 <Route path="cost-center" element={<AdminCostCenterPage />} />
+                <Route path="fulfillment-channel" element={<AdminFulfillmentChannelPage />} />
               </Route>
               <Route element={<RequireRole roles={['admin', 'operator', 'support', 'finance']} />}>
                 <Route path="fund" element={<AdminFundPage />} />
diff --git a/apps/frontend/src/components/admin/FinanceSubNav.tsx b/apps/frontend/src/components/admin/FinanceSubNav.tsx
index 17880ec0..00adb63f 100644
--- a/apps/frontend/src/components/admin/FinanceSubNav.tsx
+++ b/apps/frontend/src/components/admin/FinanceSubNav.tsx
@@ -1,6 +1,7 @@
 import {
   AccountBookOutlined,
   ApartmentOutlined,
+  BranchesOutlined,
   AuditOutlined,
   LineChartOutlined,
   WalletOutlined,
@@ -21,6 +22,11 @@ export const FINANCE_NAV_ITEMS = [
     label: '商品与成本中心',
     icon: <ApartmentOutlined />,
   },
+  {
+    key: '/admin/fulfillment-channel',
+    label: '履约渠道',
+    icon: <BranchesOutlined />,
+  },
   {
     key: '/admin/fund',
     label: '钱包管理',
diff --git a/apps/frontend/src/pages/admin/AdminFulfillmentChannelPage.tsx b/apps/frontend/src/pages/admin/AdminFulfillmentChannelPage.tsx
new file mode 100644
index 00000000..fb496ef1
--- /dev/null
+++ b/apps/frontend/src/pages/admin/AdminFulfillmentChannelPage.tsx
@@ -0,0 +1,416 @@
+/**
+ * 履约渠道页：待分类队列 + 渠道规则 + 问题队列。
+ *
+ * 设计口径（2026-10-31 v2）：
+ *   · 渠道由 L1 规则决定，不再由「有没有任务」反推；
+ *   · 没有命中规则的新单落在「待分类」，收入进未分类桶，不产生成本噪音；
+ *   · 第三方卡券是「只统计」渠道：不建任务、不发领取页。
+ */
+import { PlusOutlined, ReloadOutlined, ThunderboltOutlined } from '@ant-design/icons'
+import {
+  Alert,
+  Button,
+  Card,
+  Form,
+  Input,
+  InputNumber,
+  Modal,
+  Select,
+  Space,
+  Switch,
+  Tabs,
+  Tag,
+  Typography,
+  message,
+} from 'antd'
+import { useMutation, useQuery, useQueryClient } from '@tanstack/react-query'
+import { useState } from 'react'
+
+import PageHeader from '@/components/admin/PageHeader'
+import PercentTable from '@/components/common/PercentTable'
+import FinanceSubNav from '@/components/admin/FinanceSubNav'
+import {
+  assignChannelBySku,
+  deleteChannelRule,
+  fetchChannelExceptions,
+  fetchChannelRules,
+  fetchPendingChannelGroups,
+  runFinancePipeline,
+  saveChannelRule,
+  type ChannelRule,
+  type PendingChannelGroup,
+} from '@/services/admin'
+import { formatRedeemAmount } from '@/utils/redeem'
+import { formatDateTime } from '@/utils/date-time'
+
+const CHANNEL_OPTIONS = [
+  { value: 'work_order', label: '接单平台' },
+  { value: 'affiliate_dash', label: '自动发货' },
+  { value: 'third_party_voucher', label: '第三方卡券（仅统计）' },
+  { value: 'manual', label: '人工客服' },
+]
+
+const CHANNEL_COLOR: Record<string, string> = {
+  work_order: 'blue',
+  affiliate_dash: 'green',
+  third_party_voucher: 'purple',
+  manual: 'orange',
+}
+
+const MATCH_KEY_OPTIONS = [
+  { value: 'sku_code', label: '平台 SKU' },
+  { value: 'internal_sku', label: '内部 SKU' },
+  { value: 'sku_name', label: 'SKU 名称' },
+]
+
+export default function AdminFulfillmentChannelPage() {
+  return (
+    <div className="page-container">
+      <PageHeader
+        title="履约渠道"
+        description="新单先按规则判定渠道；没有规则的单进待分类队列，收入单独计入未分类桶。"
+      />
+      <FinanceSubNav />
+      <Tabs
+        defaultActiveKey="pending"
+        items={[
+          { key: 'pending', label: '待分类队列', children: <PendingPanel /> },
+          { key: 'rules', label: '渠道规则', children: <RulesPanel /> },
+          { key: 'exceptions', label: '问题队列', children: <ExceptionsPanel /> },
+        ]}
+      />
+    </div>
+  )
+}
+
+function PendingPanel() {
+  const queryClient = useQueryClient()
+  const [keyword, setKeyword] = useState('')
+  const [selections, setSelections] = useState<Record<string, string>>({})
+
+  const query = useQuery({
+    queryKey: ['fulfillment-pending', keyword],
+    queryFn: () => fetchPendingChannelGroups({ page: 1, pageSize: 100, keyword }),
+  })
+
+  const assignMutation = useMutation({
+    mutationFn: (row: PendingChannelGroup) =>
+      assignChannelBySku({
+        provider: row.provider,
+        shopId: row.shop_id,
+        skuCode: row.sku_code,
+        channel: selections[rowKey(row)] || '',
+      }),
+    onSuccess: (result) => {
+      message.success(`已指定 ${result.data.updated} 个订单项`)
+      void queryClient.invalidateQueries({ queryKey: ['fulfillment-pending'] })
+    },
+    onError: () => message.error('指定渠道失败'),
+  })
+
+  const pipelineMutation = useMutation({
+    mutationFn: () => runFinancePipeline({ days: 3 }),
+    onSuccess: () => {
+      message.success('管道已执行')
+      void queryClient.invalidateQueries({ queryKey: ['fulfillment-pending'] })
+    },
+    onError: () => message.error('执行管道失败'),
+  })
+
+  const columns = [
+    { title: '来源', dataIndex: 'provider', width: 120 },
+    { title: '店铺', dataIndex: 'shop_id', width: 140 },
+    { title: 'SKU', dataIndex: 'sku_code', width: 220 },
+    { title: '商品名', dataIndex: 'sku_name', ellipsis: true },
+    { title: '订单数', dataIndex: 'item_count', width: 90 },
+    {
+      title: '收入',
+      dataIndex: 'revenue_fen',
+      width: 120,
+      render: (value: number) => formatRedeemAmount(value),
+    },
+    {
+      title: '最近出现',
+      dataIndex: 'last_seen_at',
+      width: 160,
+      render: (value: string) => formatDateTime(value),
+    },
+    {
+      title: '指定渠道',
+      width: 320,
+      render: (_: unknown, row: PendingChannelGroup) => (
+        <Space>
+          <Select
+            size="small"
+            style={{ width: 180 }}
+            placeholder="选择渠道"
+            options={CHANNEL_OPTIONS}
+            value={selections[rowKey(row)]}
+            onChange={(value) => setSelections((prev) => ({ ...prev, [rowKey(row)]: value }))}
+          />
+          <Button
+            size="small"
+            type="primary"
+            disabled={!selections[rowKey(row)]}
+            loading={assignMutation.isPending}
+            onClick={() => assignMutation.mutate(row)}
+          >
+            指定
+          </Button>
+        </Space>
+      ),
+    },
+  ]
+
+  return (
+    <Card
+      title={`待分类（${query.data?.data?.total ?? 0} 个 SKU）`}
+      extra={
+        <Space>
+          <Input.Search
+            allowClear
+            placeholder="SKU / 商品名"
+            style={{ width: 220 }}
+            onSearch={(value) => setKeyword(value)}
+          />
+          <Button icon={<ReloadOutlined />} onClick={() => void query.refetch()}>
+            刷新
+          </Button>
+          <Button
+            icon={<ThunderboltOutlined />}
+            loading={pipelineMutation.isPending}
+            onClick={() => pipelineMutation.mutate()}
+          >
+            立即跑一遍管道
+          </Button>
+        </Space>
+      }
+    >
+      <Alert
+        type="info"
+        showIcon
+        style={{ marginBottom: 12 }}
+        message="待分类订单的收入已经计入「未分类」桶，不会丢失；指定渠道后会自动进入商品归一与成本核算。"
+      />
+      <PercentTable
+        rowKey={(row) => rowKey(row)}
+        size="small"
+        loading={query.isFetching}
+        dataSource={query.data?.data?.items || []}
+        columns={columns}
+        pagination={{ pageSize: 20, showSizeChanger: false }}
+      />
+    </Card>
+  )
+}
+
+function RulesPanel() {
+  const queryClient = useQueryClient()
+  const [open, setOpen] = useState(false)
+  const [form] = Form.useForm()
+
+  const query = useQuery({
+    queryKey: ['fulfillment-rules'],
+    queryFn: () => fetchChannelRules(),
+  })
+
+  const saveMutation = useMutation({
+    mutationFn: (values: Record<string, unknown>) => saveChannelRule(values as never),
+    onSuccess: () => {
+      message.success('规则已保存')
+      setOpen(false)
+      form.resetFields()
+      void queryClient.invalidateQueries({ queryKey: ['fulfillment-rules'] })
+    },
+    onError: () => message.error('保存规则失败'),
+  })
+
+  const deleteMutation = useMutation({
+    mutationFn: (id: number) => deleteChannelRule(id),
+    onSuccess: () => {
+      message.success('规则已删除')
+      void queryClient.invalidateQueries({ queryKey: ['fulfillment-rules'] })
+    },
+    onError: () => message.error('删除规则失败'),
+  })
+
+  const columns = [
+    { title: '来源', dataIndex: 'provider', width: 120, render: (v: string) => v || '不限' },
+    { title: '店铺', dataIndex: 'shop_id', width: 140, render: (v: string) => v || '不限' },
+    {
+      title: '匹配键',
+      dataIndex: 'match_key_type',
+      width: 110,
+      render: (v: string) => MATCH_KEY_OPTIONS.find((item) => item.value === v)?.label || v,
+    },
+    { title: '匹配值', dataIndex: 'match_key' },
+    {
+      title: '渠道',
+      dataIndex: 'channel',
+      width: 140,
+      render: (value: string) => (
+        <Tag color={CHANNEL_COLOR[value] || 'default'}>
+          {CHANNEL_OPTIONS.find((item) => item.value === value)?.label || value}
+        </Tag>
+      ),
+    },
+    { title: '优先级', dataIndex: 'priority', width: 90 },
+    {
+      title: '启用',
+      dataIndex: 'enabled',
+      width: 80,
+      render: (value: boolean) => (value ? <Tag color="green">启用</Tag> : <Tag>停用</Tag>),
+    },
+    {
+      title: '操作',
+      width: 100,
+      render: (_: unknown, row: ChannelRule) => (
+        <Button
+          danger
+          size="small"
+          loading={deleteMutation.isPending}
+          onClick={() => deleteMutation.mutate(row.id)}
+        >
+          删除
+        </Button>
+      ),
+    },
+  ]
+
+  return (
+    <Card
+      title={`渠道规则（${query.data?.data?.length ?? 0}）`}
+      extra={
+        <Space>
+          <Button icon={<ReloadOutlined />} onClick={() => void query.refetch()}>
+            刷新
+          </Button>
+          <Button type="primary" icon={<PlusOutlined />} onClick={() => setOpen(true)}>
+            新增规则
+          </Button>
+        </Space>
+      }
+    >
+      <Typography.Paragraph type="secondary">
+        接单平台由接单模板匹配决定，不在此表维护；这里负责自动发货、人工、第三方卡券三个渠道与运营强制覆盖。
+        同优先级命中多个渠道时订单保持待分类并进「配置冲突」。
+      </Typography.Paragraph>
+      <PercentTable
+        rowKey="id"
+        size="small"
+        loading={query.isFetching}
+        dataSource={query.data?.data || []}
+        columns={columns}
+        pagination={{ pageSize: 20, showSizeChanger: false }}
+      />
+
+      <Modal
+        title="新增渠道规则"
+        open={open}
+        onCancel={() => setOpen(false)}
+        onOk={() => form.submit()}
+        confirmLoading={saveMutation.isPending}
+      >
+        <Form
+          form={form}
+          layout="vertical"
+          initialValues={{ matchKeyType: 'sku_code', channel: 'third_party_voucher', priority: 10 }}
+          onFinish={(values) => saveMutation.mutate(values)}
+        >
+          <Form.Item name="provider" label="来源（留空=不限）">
+            <Input placeholder="91kaquan / pdd / douyin_mashida" />
+          </Form.Item>
+          <Form.Item name="shopId" label="店铺（留空=不限）">
+            <Input />
+          </Form.Item>
+          <Form.Item name="matchKeyType" label="匹配键" rules={[{ required: true }]}>
+            <Select options={MATCH_KEY_OPTIONS} />
+          </Form.Item>
+          <Form.Item name="matchKey" label="匹配值" rules={[{ required: true }]}>
+            <Input />
+          </Form.Item>
+          <Form.Item name="channel" label="渠道" rules={[{ required: true }]}>
+            <Select options={CHANNEL_OPTIONS} />
+          </Form.Item>
+          <Form.Item name="priority" label="优先级（越小越优先）">
+            <InputNumber min={1} max={999} style={{ width: '100%' }} />
+          </Form.Item>
+          <Form.Item name="note" label="备注">
+            <Input />
+          </Form.Item>
+          <Form.Item name="enabled" label="启用" valuePropName="checked" initialValue>
+            <Switch />
+          </Form.Item>
+        </Form>
+      </Modal>
+    </Card>
+  )
+}
+
+function ExceptionsPanel() {
+  const [reason, setReason] = useState('')
+  const query = useQuery({
+    queryKey: ['fulfillment-exceptions', reason],
+    queryFn: () => fetchChannelExceptions({ reason, status: 'open', page: 1, pageSize: 100 }),
+  })
+
+  const REASON_OPTIONS = [
+    { value: '', label: '全部' },
+    { value: 'classification_missing', label: '待分类' },
+    { value: 'routing_conflict', label: '规则冲突' },
+    { value: 'product_mapping_missing', label: '未归一' },
+    { value: 'cost_missing', label: '成本缺失' },
+    { value: 'manual_config_missing', label: '人工 SKU 未配置' },
+  ]
+
+  const columns = [
+    {
+      title: '类型',
+      dataIndex: 'reason',
+      width: 200,
+      render: (value: string) => (
+        <Tag>{REASON_OPTIONS.find((item) => item.value === value)?.label || value}</Tag>
+      ),
+    },
+    { title: '范围', dataIndex: 'scope_key', ellipsis: true },
+    { title: '涉及订单项', dataIndex: 'item_count', width: 110 },
+    {
+      title: '最近出现',
+      dataIndex: 'last_seen_at',
+      width: 160,
+      render: (value: string) => formatDateTime(value),
+    },
+  ]
+
+  return (
+    <Card
+      title="问题队列（按 SKU 聚合）"
+      extra={
+        <Space>
+          <Select
+            style={{ width: 180 }}
+            value={reason}
+            options={REASON_OPTIONS}
+            onChange={setReason}
+          />
+          <Button icon={<ReloadOutlined />} onClick={() => void query.refetch()}>
+            刷新
+          </Button>
+        </Space>
+      }
+    >
+      <PercentTable
+        rowKey="id"
+        size="small"
+        loading={query.isFetching}
+        dataSource={query.data?.data?.items || []}
+        columns={columns}
+        pagination={{ pageSize: 20, showSizeChanger: false }}
+      />
+    </Card>
+  )
+}
+
+function rowKey(row: PendingChannelGroup) {
+  return `${row.provider}|${row.shop_id}|${row.sku_code}`
+}
diff --git a/apps/frontend/src/services/admin/fulfillment-channel.ts b/apps/frontend/src/services/admin/fulfillment-channel.ts
new file mode 100644
index 00000000..6b4f0a08
--- /dev/null
+++ b/apps/frontend/src/services/admin/fulfillment-channel.ts
@@ -0,0 +1,119 @@
+import { apiDelete, apiGet, apiPost } from '@/lib/http'
+
+/** 待分类队列（按 SKU 聚合）。 */
+export type PendingChannelGroup = {
+  provider: string
+  shop_id: string
+  sku_code: string
+  sku_name: string
+  item_count: number
+  revenue_fen: number
+  first_seen_at: string
+  last_seen_at: string
+}
+
+export type PendingChannelGroupListResult = {
+  items: PendingChannelGroup[]
+  total: number
+  page: number
+  pageSize: number
+}
+
+/** 渠道规则（L1）。 */
+export type ChannelRule = {
+  id: number
+  provider: string
+  shop_id: string
+  match_key_type: 'sku_code' | 'internal_sku' | 'sku_name'
+  match_key: string
+  channel: 'work_order' | 'affiliate_dash' | 'third_party_voucher' | 'manual'
+  priority: number
+  enabled: boolean
+}
+
+export type ChannelException = {
+  id: number
+  reason: string
+  status: string
+  scope_key: string
+  item_count: number
+  first_seen_at: string
+  last_seen_at: string
+  detail_json: unknown
+}
+
+export type ChannelExceptionListResult = {
+  items: ChannelException[]
+  total: number
+  page: number
+  pageSize: number
+}
+
+export type PipelineRunResult = Record<string, unknown>
+
+export function fetchPendingChannelGroups(
+  params: {
+    page?: number
+    pageSize?: number
+    keyword?: string
+  } = {},
+) {
+  return apiGet<PendingChannelGroupListResult>('/api/v1/admin/fulfillment/pending', params)
+}
+
+export function fetchChannelExceptions(
+  params: {
+    reason?: string
+    status?: string
+    page?: number
+    pageSize?: number
+  } = {},
+) {
+  return apiGet<ChannelExceptionListResult>('/api/v1/admin/fulfillment/exceptions', params)
+}
+
+export function assignChannelBySku(payload: {
+  provider: string
+  shopId: string
+  skuCode: string
+  channel: string
+  note?: string
+}) {
+  return apiPost<{ updated: number }>('/api/v1/admin/fulfillment/assign', payload)
+}
+
+export function assignChannelToItems(payload: {
+  orderItemIds: number[]
+  channel: string
+  note?: string
+}) {
+  return apiPost<{ updated: number }>('/api/v1/admin/fulfillment/assign', payload)
+}
+
+export function fetchChannelRules(params: { channel?: string } = {}) {
+  return apiGet<ChannelRule[]>('/api/v1/admin/fulfillment/rules', params)
+}
+
+export function saveChannelRule(payload: {
+  id?: number
+  provider?: string
+  shopId?: string
+  matchKeyType: string
+  matchKey: string
+  channel: string
+  priority?: number
+  enabled?: boolean
+  note?: string
+}) {
+  return apiPost<{ id: number }>('/api/v1/admin/fulfillment/rules', payload)
+}
+
+export function deleteChannelRule(ruleId: number) {
+  return apiDelete<{ deleted: boolean }>(`/api/v1/admin/fulfillment/rules/${ruleId}`)
+}
+
+export function runFinancePipeline(payload: { days?: number } = {}) {
+  return apiPost<PipelineRunResult>('/api/v1/admin/fulfillment/pipeline/run', payload, {
+    timeout: 300_000,
+  })
+}
diff --git a/apps/frontend/src/services/admin/index.ts b/apps/frontend/src/services/admin/index.ts
index 9826b419..03b6d796 100644
--- a/apps/frontend/src/services/admin/index.ts
+++ b/apps/frontend/src/services/admin/index.ts
@@ -3,6 +3,7 @@ export * from './dashboard'
 export * from './finance'
 export * from './finance-ledger'
 export * from './cost-center'
+export * from './fulfillment-channel'
 export * from './fund'
 export * from './users'
 export * from './audit-logs'