diff --git a/services/competitor_intel_repository.py b/services/competitor_intel_repository.py
index 94c8742..7ea9769 100644
--- a/services/competitor_intel_repository.py
+++ b/services/competitor_intel_repository.py
@@ -329,19 +329,7 @@ def _fetch_top_competitor_risks_uncached(engine, limit: int = 10) -> list[dict]:
 
     limit = max(1, min(int(limit or 10), 50))
     sql = text(f"""
-        WITH latest_momo AS (
-            SELECT
-                p.id AS product_id,
-                p.i_code AS sku,
-                p.name,
-                p.category,
-                pr.price AS momo_price,
-                ROW_NUMBER() OVER (PARTITION BY p.id ORDER BY pr.timestamp DESC, pr.id DESC) AS rn
-            FROM products p
-            JOIN price_records pr ON pr.product_id = p.id
-            WHERE p.status = 'ACTIVE'
-        ),
-        valid_competitor AS (
+        WITH valid_competitor AS (
             SELECT DISTINCT ON (cp.sku)
                 cp.sku,
                 cp.price AS pchome_price,
@@ -359,21 +347,29 @@ def _fetch_top_competitor_risks_uncached(engine, limit: int = 10) -> list[dict]:
             ORDER BY cp.sku, cp.crawled_at DESC NULLS LAST
         )
         SELECT
-            lm.sku,
-            lm.name,
-            lm.category,
-            lm.momo_price,
+            p.i_code AS sku,
+            p.name,
+            p.category,
+            latest_price.momo_price,
             vc.pchome_price,
             vc.competitor_product_id,
             vc.competitor_product_name,
             vc.match_score,
             vc.crawled_at,
-            (lm.momo_price - vc.pchome_price) AS gap_amount,
-            ((lm.momo_price - vc.pchome_price) / vc.pchome_price * 100) AS gap_pct
-        FROM latest_momo lm
-        JOIN valid_competitor vc ON vc.sku = lm.sku
-        WHERE lm.rn = 1
-          AND lm.momo_price > vc.pchome_price * 1.05
+            (latest_price.momo_price - vc.pchome_price) AS gap_amount,
+            ((latest_price.momo_price - vc.pchome_price) / vc.pchome_price * 100) AS gap_pct
+        FROM valid_competitor vc
+        JOIN products p
+          ON p.i_code = vc.sku
+         AND p.status = 'ACTIVE'
+        JOIN LATERAL (
+            SELECT pr.price AS momo_price
+            FROM price_records pr
+            WHERE pr.product_id = p.id
+            ORDER BY pr.timestamp DESC, pr.id DESC
+            LIMIT 1
+        ) latest_price ON TRUE
+        WHERE latest_price.momo_price > vc.pchome_price * 1.05
         ORDER BY gap_pct DESC NULLS LAST, gap_amount DESC NULLS LAST
         LIMIT :limit
     """)
diff --git a/tests/test_competitor_intel_cache.py b/tests/test_competitor_intel_cache.py
index 654f5a8..af1bf01 100644
--- a/tests/test_competitor_intel_cache.py
+++ b/tests/test_competitor_intel_cache.py
@@ -58,3 +58,12 @@ def test_competitor_ppt_prompt_uses_neutral_ewooc_viewpoint():
     assert "待補身份/價格" in source
     assert "我方 = PChome" not in source
     assert "請以 PChome 視角" not in source
+
+
+def test_top_competitor_risks_reads_latest_momo_price_after_valid_competitor_filter():
+    source = (ROOT / "services" / "competitor_intel_repository.py").read_text(encoding="utf-8")
+
+    assert "FROM valid_competitor vc" in source
+    assert "JOIN LATERAL" in source
+    assert "WHERE pr.product_id = p.id" in source
+    assert "ROW_NUMBER() OVER (PARTITION BY p.id" not in source.split("def _fetch_top_competitor_risks_uncached", 1)[1].split("def fetch_competitor_comparison_results", 1)[0]