diff --git a/backend/src/services/stockSalesAnalysis.js b/backend/src/services/stockSalesAnalysis.js
index 84b380d..fbe7ac8 100644
--- a/backend/src/services/stockSalesAnalysis.js
+++ b/backend/src/services/stockSalesAnalysis.js
@@ -139,8 +139,11 @@ async function fetchGradeRows(cloudDb, wmsCoIds, { shipFrom, shipTo, days }) {
  * 「销售=0」档的 SKU 级明细（导出用）。
  * 口径与 fetchGradeRows 完全一致：同一分档表达式命中 gradeKey='zero'，
  * 即统计窗口内销量 <= 0 且「有库存或有销量」的 SKU。
- * 系统仓位取自 rpt.jst_packInventoryInfo.bin（一个 SKU 可能占多个仓位，按名称排序后用「、」连接；
- * 库存为 0 的仓位记录已排除）。该表只覆盖部分仓库，未覆盖到的 SKU 返回空串。
+ *
+ * 系统仓位取自 rpt.jst_packInventoryInfo.bin（jst_sku.bin 全为空、库存表无仓位字段）。
+ * 每个仓位独立一行，库存数量按该仓位的实际 qty 统计（各仓位行之和 = SKU 总库存）：
+ *   - 有仓位数据的 SKU：按 (wms_co_id, sku_id, bin) 展开，qty=0 的仓位行剔除；
+ *   - 无仓位数据的 SKU（仓位表未覆盖的仓库）：保留一行，仓位为空、库存取 SKU 总库存，避免丢数。
  * @returns {Promise<Array<{wmsCoId:string, skuId:string, skuName:string, binName:string, stockQty:number, salesQty:number}>>}
  */
 async function fetchZeroSaleSkuRows(cloudDb, wmsCoIds, { shipFrom, shipTo, days }) {
@@ -156,18 +159,14 @@ async function fetchZeroSaleSkuRows(cloudDb, wmsCoIds, { shipFrom, shipTo, days
 
   const sqlText = `
     WITH bin AS (
-      SELECT d.wmsCoId,
-             d.skuId,
-             STRING_AGG(CAST(d.b AS NVARCHAR(MAX)), '、') WITHIN GROUP (ORDER BY d.b) AS binName
-        FROM (
-          SELECT DISTINCT p.wms_co_id AS wmsCoId,
-                          p.sku_id    AS skuId,
-                          LTRIM(RTRIM(p.bin)) AS b
-            FROM rpt.jst_packInventoryInfo p
-           WHERE ISNULL(p.bin, '') <> ''
-             AND ISNULL(p.qty, 0) <> 0
-        ) d
-       GROUP BY d.wmsCoId, d.skuId
+      SELECT p.wms_co_id AS wmsCoId,
+             p.sku_id    AS skuId,
+             LTRIM(RTRIM(p.bin)) AS b,
+             SUM(CAST(ISNULL(p.qty, 0) AS DECIMAL(18, 2))) AS binQty
+        FROM rpt.jst_packInventoryInfo p
+       WHERE ISNULL(p.bin, '') <> ''
+         AND ISNULL(p.qty, 0) <> 0
+       GROUP BY p.wms_co_id, p.sku_id, LTRIM(RTRIM(p.bin))
     ),
     inv AS (
       SELECT i.wms_co_id AS wmsCoId,
@@ -214,14 +213,14 @@ async function fetchZeroSaleSkuRows(cloudDb, wmsCoIds, { shipFrom, shipTo, days
     SELECT g.wmsCoId,
            g.skuId,
            ISNULL(s.name, '') AS skuName,
-           ISNULL(bn.binName, '') AS binName,
-           CAST(g.stockQty AS DECIMAL(18, 2)) AS stockQty,
+           ISNULL(bn.b, '') AS binName,
+           CAST(COALESCE(bn.binQty, g.stockQty) AS DECIMAL(18, 2)) AS stockQty,
            CAST(g.salesQty AS DECIMAL(18, 2)) AS salesQty
       FROM graded g
       LEFT JOIN rpt.jst_sku s ON s.sku_id = g.skuId
       LEFT JOIN bin bn ON bn.wmsCoId = g.wmsCoId AND bn.skuId = g.skuId
      WHERE g.gradeKey = 'zero'
-     ORDER BY g.wmsCoId, g.stockQty DESC, g.skuId`;
+     ORDER BY g.wmsCoId, g.stockQty DESC, g.skuId, bn.b`;
 
   const rows = await cloudDb.query(sqlText, {
     ...invIn.params,
diff --git a/backend/test/stockSalesAnalysis.test.js b/backend/test/stockSalesAnalysis.test.js
index cec796c..a4c69ca 100644
--- a/backend/test/stockSalesAnalysis.test.js
+++ b/backend/test/stockSalesAnalysis.test.js
@@ -94,7 +94,8 @@ test('fetchZeroSaleSkuRows 复用同一分档口径并关联 SKU 名称', async
     query: async (sqlText, params) => {
       captured = { sqlText, params };
       return [
-        { wmsCoId: 101, skuId: 'SKU-A', skuName: '款式A', binName: 'A01-01-1、A02-03-1', stockQty: 12, salesQty: 0 },
+        { wmsCoId: 101, skuId: 'SKU-A', skuName: '款式A', binName: 'A01-01-1', stockQty: 7, salesQty: 0 },
+        { wmsCoId: 101, skuId: 'SKU-A', skuName: '款式A', binName: 'A02-03-1', stockQty: 5, salesQty: 0 },
         { wmsCoId: 101, skuId: 'SKU-B', skuName: '款式B', binName: null, stockQty: 3, salesQty: 0 },
       ];
     },
@@ -106,14 +107,16 @@ test('fetchZeroSaleSkuRows 复用同一分档口径并关联 SKU 名称', async
     days: 30,
   });
 
-  assert.equal(rows.length, 2);
+  // 每个仓位独立一行；无仓位的 SKU 保留一行（仓位为空、库存取总库存）
+  assert.equal(rows.length, 3);
   assert.equal(rows[0].wmsCoId, '101');
   assert.equal(rows[0].skuName, '款式A');
-  assert.equal(rows[0].stockQty, 12);
-
-  // 系统仓位：多仓位拼接成一个字符串，缺失时归一化为空串而不是 null
-  assert.equal(rows[0].binName, 'A01-01-1、A02-03-1');
-  assert.equal(rows[1].binName, '');
+  assert.equal(rows[0].binName, 'A01-01-1');
+  assert.equal(rows[0].stockQty, 7);
+  assert.equal(rows[1].binName, 'A02-03-1');
+  assert.equal(rows[1].stockQty, 5);
+  assert.equal(rows[2].binName, '');
+  assert.equal(rows[2].stockQty, 3);
 
   // 口径必须与 fetchGradeRows 一致：同一段 gradeCase 表达式 + 同样的「有库存或有销量」过滤
   assert.ok(captured.sqlText.includes("ELSE 'zero'"));
@@ -123,9 +126,10 @@ test('fetchZeroSaleSkuRows 复用同一分档口径并关联 SKU 名称', async
   assert.equal(captured.params.w0, 101);
   assert.equal(captured.params.days, 30);
 
-  // 系统仓位：来自 rpt.jst_packInventoryInfo，按仓库+SKU 聚合，排除无仓位与零库存记录
+  // 系统仓位：来自 rpt.jst_packInventoryInfo，按「仓库+SKU+仓位」聚合出仓位级库存，
+  // 每仓位一行（COALESCE 兜底无仓位 SKU 取总库存），排除无仓位与零库存记录
   assert.ok(captured.sqlText.includes('rpt.jst_packInventoryInfo'));
-  assert.ok(captured.sqlText.includes('STRING_AGG'));
+  assert.ok(captured.sqlText.includes('COALESCE(bn.binQty, g.stockQty)'));
   assert.ok(captured.sqlText.includes('binName'));
 });
 
diff --git a/frontend/src/pages/StockSalesAnalysis/index.jsx b/frontend/src/pages/StockSalesAnalysis/index.jsx
index 34550b7..95507ef 100644
--- a/frontend/src/pages/StockSalesAnalysis/index.jsx
+++ b/frontend/src/pages/StockSalesAnalysis/index.jsx
@@ -209,7 +209,7 @@ const StockSalesAnalysis = () => {
           <Tooltip title="跳过 5 分钟缓存，重新扫描订单明细与库存明细重算（约 5~20 秒）">
             <Button onClick={() => load({ days, force: true })} loading={loading}>强制重算</Button>
           </Tooltip>
-          <Tooltip title="导出当前筛选下「销售=0」档的 SKU 明细（仓库 / SKU编码 / SKU名称 / 系统仓位 / 库存数量），跟随统计天数与仓库筛选；一个 SKU 占多个仓位时用「、」连接，仓位数据未覆盖的 SKU 留空">
+          <Tooltip title="导出当前筛选下「销售=0」档的 SKU 明细（仓库 / SKU编码 / SKU名称 / 系统仓位 / 库存数量），跟随统计天数与仓库筛选；每个仓位独立一行，库存数量为该仓位的实际数量，仓位数据未覆盖的 SKU 保留一行（仓位留空、库存为总量）">
             <Button icon={<DownloadOutlined />} onClick={handleExportZero} loading={exporting}>导出销售=0</Button>
           </Tooltip>
         </Space>