diff --git a/data_provider/yfinance_fundamental_adapter.py b/data_provider/yfinance_fundamental_adapter.py
index 37c8a4ea6..3179692b6 100644
--- a/data_provider/yfinance_fundamental_adapter.py
+++ b/data_provider/yfinance_fundamental_adapter.py
@@ -274,6 +274,12 @@ class YfinanceFundamentalAdapter:
             result["errors"].append(f"dividends:{type(exc).__name__}")
             div_series = None
         if div_series is not None and not div_series.empty:
+            # yfinance 1.2.x returns Ticker.dividends as a single-column DataFrame, not a
+            # Series; coerce so `.items()` yields (timestamp, value) rather than
+            # (column_name, Series). Otherwise every event is dropped (`_safe_float(Series)`
+            # -> None) and TTM silently falls back to the annual-rate estimate.
+            if hasattr(div_series, "columns"):
+                div_series = div_series.iloc[:, 0]
             try:
                 # Index is timezone-aware (ex-dividend date)
                 cutoff = pd.Timestamp.now(tz=div_series.index.tz) - pd.Timedelta(days=365)
diff --git a/docs/CHANGELOG.md b/docs/CHANGELOG.md
index 923ea9c3b..ad03811c6 100644
--- a/docs/CHANGELOG.md
+++ b/docs/CHANGELOG.md
@@ -30,6 +30,7 @@ and this project adheres to [Semantic Versioning](https://semver.org/).
 - [修复] #1743 Phase 4 修正 `opencode_cli` 静态指令，避免全局 JSON-only 约束影响 `generate_text()` 与大盘复盘自由文本输出。
 - [文档] #1743 Phase 4 同步本地 CLI backend 隐私/部署边界：local CLI 不是离线模型，Docker/CI/远端需自行安装登录，DSA 不读取 Claude/OpenCode credential 文件。
 - [新功能] 台股报告接入三大法人：tw 个股分析报告的 institution 区块改为展示 TWSE T86 / TPEx 三大法人原始买卖超净额（外资/投信/自营/合计，单位:股）；tw-only、严格 additive（A股/港股/美股/日韩股 offshore 流程字节不变）、fail-open（取不到数据维持 not_supported，绝不中断分析）；不接 Web、不派生 capital_flow_signal、不改评分权重或 schema。
+- [修复] yfinance 分红解析：yfinance 1.2.x 将 `Ticker.dividends` 返回为单列 DataFrame（而非 Series），适配器按 Series 迭代 `.items()` 导致每笔分红被丢弃、TTM 每股分红与分红次数静默退回 `trailingAnnualDividendRate` 年率估算（如 24.0 / 分红次数 0，而非真实 TTM 合计）；现在迭代前强制转为 Series。影响所有 yfinance 后缀市场（美股/港股/日韩股/台股）。
 - [改进] 台股报告完整消费三大法人：tw 个股报告的 `institution` 区块现会在报告中渲染三大法人净买卖超表格，并注入 LLM 分析 prompt 作为台股筹码过滤器（此前仅接入数据层，报告与 prompt 均未消费，导致报告出现「筹码结构：数据缺失」）；同时三大法人整市场抓取改用剩余 stage 预算而非较小的 per-symbol fetch 超时，避免单股/首档分析因冷抓取（~4-5s）超时而降级为 not_supported。tw-only、严格 additive、fail-open。
 - [修复] 台股财务金额币别标示：TWD 金额此前落入默认「元」(在 A 股语境易误读为人民币)，`_CURRENCY_SUFFIX` 补入 TWD→「新台币」，营业收入/归母净利润/经营现金流/每股现金分红均正确标注新台币。
 - [改进] 台股三大法人 fetcher 韧性加固：(1) 接入熔断器（复用 `realtime_types.CircuitBreaker`，按市场 twse/tpex 分流，连续失败 3 次→冷却 ~5min→半开探测），TWSE/TPEx 端点异常时快速跳过网络往返并 fail-open，避免端点故障时每档个股都付 timeout+throttle；(2) TPEx OpenAPI 仅服务最新交易日，调用方传入与服务日期不符的明确日期时改为 fail-open（返回无数据），避免静默返回错日资料。
diff --git a/tests/test_yfinance_fundamental_adapter.py b/tests/test_yfinance_fundamental_adapter.py
index b143ad26f..e353bf2a4 100644
--- a/tests/test_yfinance_fundamental_adapter.py
+++ b/tests/test_yfinance_fundamental_adapter.py
@@ -136,6 +136,32 @@ class TestYfinanceFundamentalAdapter(unittest.TestCase):
             ],
         )
 
+    def test_dividends_parsed_from_single_column_dataframe(self) -> None:
+        # yfinance 1.2.x returns Ticker.dividends as a single-column DataFrame, not a
+        # Series. Without coercion, `.items()` yields (column_name, Series), every event
+        # is dropped, and TTM silently falls back to the annual-rate estimate — the real
+        # bug seen on live US/HK/JP/KR/TW reports (24.0 / "0 次" instead of the true sum).
+        idx = pd.DatetimeIndex(
+            ["2025-08-11", "2025-11-10", "2026-02-09", "2026-05-11"],
+            tz="America/New_York",
+        )
+        dividends_df = pd.DataFrame({"Dividends": [0.26, 0.26, 0.26, 0.27]}, index=idx)
+        info = {
+            "currency": "USD",
+            "financialCurrency": "USD",
+            "currentPrice": 210,
+            "trailingAnnualDividendRate": 99.0,  # a WRONG fallback we must NOT fall back to
+        }
+        ticker = _build_mock_ticker(info, dividends=dividends_df)
+        with patch("yfinance.Ticker", return_value=ticker):
+            bundle = YfinanceFundamentalAdapter().get_fundamental_bundle("AAPL")
+
+        div = bundle["earnings"]["dividend"]
+        self.assertEqual(div["ttm_event_count"], 4)          # was 0 before the fix
+        self.assertEqual(len(div["events"]), 4)
+        # summed TTM (0.26*3 + 0.27 = 1.05), NOT the trailingAnnualDividendRate 99.0 fallback
+        self.assertAlmostEqual(div["ttm_cash_dividend_per_share"], 1.05, places=2)
+
     def test_falls_back_to_info_when_statements_only_have_4_quarters(self) -> None:
         """yfinance default is 4 quarters → statement-derived YoY refuses to use QoQ.