diff --git a/src/views/Company/components/CompanyOverview/hooks/useAnnouncementsData.ts b/src/views/Company/components/CompanyOverview/hooks/useAnnouncementsData.ts
index 0b7a2ef2..e6ff2db8 100644
--- a/src/views/Company/components/CompanyOverview/hooks/useAnnouncementsData.ts
+++ b/src/views/Company/components/CompanyOverview/hooks/useAnnouncementsData.ts
@@ -37,12 +37,16 @@ export const useAnnouncementsData = (options: UseAnnouncementsDataOptions): UseA
   const { stockCode, enabled = true, refreshKey } = options;
 
   const [announcements, setAnnouncements] = useState<Announcement[]>([]);
-  const [loading, setLoading] = useState(false);
+  const [loading, setLoading] = useState(true);
   const [error, setError] = useState<string | null>(null);
+  const [hasLoaded, setHasLoaded] = useState(false);
 
   useEffect(() => {
     // 只有 enabled 且有 stockCode 时才请求
-    if (!enabled || !stockCode) return;
+    if (!enabled || !stockCode) {
+      setLoading(false);
+      return;
+    }
 
     const controller = new AbortController();
 
@@ -61,12 +65,17 @@ export const useAnnouncementsData = (options: UseAnnouncementsDataOptions): UseA
         } else {
           setError("加载公告数据失败");
         }
+        setLoading(false);
+        setHasLoaded(true);
       } catch (err: any) {
-        if (err.name === "CanceledError") return;
+        // 请求被取消时，不更新任何状态
+        if (err.name === "CanceledError") {
+          return;
+        }
         logger.error("useAnnouncementsData", "loadData", err, { stockCode });
         setError("网络请求失败");
-      } finally {
         setLoading(false);
+        setHasLoaded(true);
       }
     };
 
@@ -74,5 +83,7 @@ export const useAnnouncementsData = (options: UseAnnouncementsDataOptions): UseA
     return () => controller.abort();
   }, [stockCode, enabled, refreshKey]);
 
-  return { announcements, loading, error };
+  const isLoading = loading || (enabled && !hasLoaded && !error);
+
+  return { announcements, loading: isLoading, error };
 };
diff --git a/src/views/Company/components/CompanyOverview/hooks/useBasicInfo.ts b/src/views/Company/components/CompanyOverview/hooks/useBasicInfo.ts
index b66a6db3..60ed2d3d 100644
--- a/src/views/Company/components/CompanyOverview/hooks/useBasicInfo.ts
+++ b/src/views/Company/components/CompanyOverview/hooks/useBasicInfo.ts
@@ -34,13 +34,16 @@ export const useBasicInfo = (options: UseBasicInfoOptions): UseBasicInfoResult =
   const { stockCode, enabled = true } = options;
 
   const [basicInfo, setBasicInfo] = useState<BasicInfo | null>(null);
-  // 智能初始化 loading：当需要加载数据时，初始值为 true，避免首次渲染闪现空状态
-  const [loading, setLoading] = useState(() => enabled && !!stockCode);
+  const [loading, setLoading] = useState(true);
   const [error, setError] = useState<string | null>(null);
+  const [hasLoaded, setHasLoaded] = useState(false);
 
   useEffect(() => {
     // 只有 enabled 且有 stockCode 时才请求
-    if (!enabled || !stockCode) return;
+    if (!enabled || !stockCode) {
+      setLoading(false);
+      return;
+    }
 
     const controller = new AbortController();
 
@@ -59,12 +62,17 @@ export const useBasicInfo = (options: UseBasicInfoOptions): UseBasicInfoResult =
         } else {
           setError("加载基本信息失败");
         }
+        setLoading(false);
+        setHasLoaded(true);
       } catch (err: any) {
-        if (err.name === "CanceledError") return;
+        // 请求被取消时，不更新任何状态
+        if (err.name === "CanceledError") {
+          return;
+        }
         logger.error("useBasicInfo", "loadData", err, { stockCode });
         setError("网络请求失败");
-      } finally {
         setLoading(false);
+        setHasLoaded(true);
       }
     };
 
@@ -72,5 +80,7 @@ export const useBasicInfo = (options: UseBasicInfoOptions): UseBasicInfoResult =
     return () => controller.abort();
   }, [stockCode, enabled]);
 
-  return { basicInfo, loading, error };
+  const isLoading = loading || (enabled && !hasLoaded && !error);
+
+  return { basicInfo, loading: isLoading, error };
 };
diff --git a/src/views/Company/components/CompanyOverview/hooks/useDisclosureData.ts b/src/views/Company/components/CompanyOverview/hooks/useDisclosureData.ts
index b506251a..38e4f229 100644
--- a/src/views/Company/components/CompanyOverview/hooks/useDisclosureData.ts
+++ b/src/views/Company/components/CompanyOverview/hooks/useDisclosureData.ts
@@ -34,12 +34,16 @@ export const useDisclosureData = (options: UseDisclosureDataOptions): UseDisclos
   const { stockCode, enabled = true } = options;
 
   const [disclosureSchedule, setDisclosureSchedule] = useState<DisclosureSchedule[]>([]);
-  const [loading, setLoading] = useState(false);
+  const [loading, setLoading] = useState(true);
   const [error, setError] = useState<string | null>(null);
+  const [hasLoaded, setHasLoaded] = useState(false);
 
   useEffect(() => {
     // 只有 enabled 且有 stockCode 时才请求
-    if (!enabled || !stockCode) return;
+    if (!enabled || !stockCode) {
+      setLoading(false);
+      return;
+    }
 
     const controller = new AbortController();
 
@@ -58,12 +62,17 @@ export const useDisclosureData = (options: UseDisclosureDataOptions): UseDisclos
         } else {
           setError("加载披露日程数据失败");
         }
+        setLoading(false);
+        setHasLoaded(true);
       } catch (err: any) {
-        if (err.name === "CanceledError") return;
+        // 请求被取消时，不更新任何状态
+        if (err.name === "CanceledError") {
+          return;
+        }
         logger.error("useDisclosureData", "loadData", err, { stockCode });
         setError("网络请求失败");
-      } finally {
         setLoading(false);
+        setHasLoaded(true);
       }
     };
 
@@ -71,5 +80,7 @@ export const useDisclosureData = (options: UseDisclosureDataOptions): UseDisclos
     return () => controller.abort();
   }, [stockCode, enabled]);
 
-  return { disclosureSchedule, loading, error };
+  const isLoading = loading || (enabled && !hasLoaded && !error);
+
+  return { disclosureSchedule, loading: isLoading, error };
 };
diff --git a/src/views/Company/components/CompanyOverview/hooks/useManagementData.ts b/src/views/Company/components/CompanyOverview/hooks/useManagementData.ts
index 80ca61fd..62590e77 100644
--- a/src/views/Company/components/CompanyOverview/hooks/useManagementData.ts
+++ b/src/views/Company/components/CompanyOverview/hooks/useManagementData.ts
@@ -34,14 +34,16 @@ export const useManagementData = (options: UseManagementDataOptions): UseManagem
   const { stockCode, enabled = true } = options;
 
   const [management, setManagement] = useState<Management[]>([]);
-  const [loading, setLoading] = useState(() => enabled && !!stockCode);
+  const [loading, setLoading] = useState(true);
   const [error, setError] = useState<string | null>(null);
-  // 记录是否已完成首次加载，用于派生 loading 状态
   const [hasLoaded, setHasLoaded] = useState(false);
 
   useEffect(() => {
     // 只有 enabled 且有 stockCode 时才请求
-    if (!enabled || !stockCode) return;
+    if (!enabled || !stockCode) {
+      setLoading(false);
+      return;
+    }
 
     const controller = new AbortController();
 
@@ -60,11 +62,15 @@ export const useManagementData = (options: UseManagementDataOptions): UseManagem
         } else {
           setError("加载管理团队数据失败");
         }
+        setLoading(false);
+        setHasLoaded(true);
       } catch (err: any) {
-        if (err.name === "CanceledError") return;
+        // 请求被取消时，不更新任何状态
+        if (err.name === "CanceledError") {
+          return;
+        }
         logger.error("useManagementData", "loadData", err, { stockCode });
         setError("网络请求失败");
-      } finally {
         setLoading(false);
         setHasLoaded(true);
       }
diff --git a/src/views/Company/components/CompanyOverview/hooks/useShareholderData.ts b/src/views/Company/components/CompanyOverview/hooks/useShareholderData.ts
index db312dda..6c47b62d 100644
--- a/src/views/Company/components/CompanyOverview/hooks/useShareholderData.ts
+++ b/src/views/Company/components/CompanyOverview/hooks/useShareholderData.ts
@@ -40,13 +40,16 @@ export const useShareholderData = (options: UseShareholderDataOptions): UseShare
   const [concentration, setConcentration] = useState<Concentration[]>([]);
   const [topShareholders, setTopShareholders] = useState<Shareholder[]>([]);
   const [topCirculationShareholders, setTopCirculationShareholders] = useState<Shareholder[]>([]);
-  // 智能初始化 loading：当需要加载数据时，初始值为 true，避免首次渲染闪现空状态
-  const [loading, setLoading] = useState(() => enabled && !!stockCode);
+  const [loading, setLoading] = useState(true);
   const [error, setError] = useState<string | null>(null);
+  const [hasLoaded, setHasLoaded] = useState(false);
 
   useEffect(() => {
     // 只有 enabled 且有 stockCode 时才请求
-    if (!enabled || !stockCode) return;
+    if (!enabled || !stockCode) {
+      setLoading(false);
+      return;
+    }
 
     const controller = new AbortController();
 
@@ -71,12 +74,17 @@ export const useShareholderData = (options: UseShareholderDataOptions): UseShare
         if (concentrationRes.success) setConcentration(concentrationRes.data);
         if (shareholdersRes.success) setTopShareholders(shareholdersRes.data);
         if (circulationRes.success) setTopCirculationShareholders(circulationRes.data);
+        setLoading(false);
+        setHasLoaded(true);
       } catch (err: any) {
-        if (err.name === "CanceledError") return;
+        // 请求被取消时，不更新任何状态
+        if (err.name === "CanceledError") {
+          return;
+        }
         logger.error("useShareholderData", "loadData", err, { stockCode });
         setError("加载股权结构数据失败");
-      } finally {
         setLoading(false);
+        setHasLoaded(true);
       }
     };
 
@@ -84,12 +92,14 @@ export const useShareholderData = (options: UseShareholderDataOptions): UseShare
     return () => controller.abort();
   }, [stockCode, enabled]);
 
+  const isLoading = loading || (enabled && !hasLoaded && !error);
+
   return {
     actualControl,
     concentration,
     topShareholders,
     topCirculationShareholders,
-    loading,
+    loading: isLoading,
     error,
   };
 };