diff --git a/public/static/js/phone-image.js b/public/static/js/phone-image.js
index 657e09a..476337d 100644
--- a/public/static/js/phone-image.js
+++ b/public/static/js/phone-image.js
@@ -98,52 +98,56 @@ var PhoneImageEngine = (function () {
         // 从预览区读取已预处理的内容
         syncPreview();
         var previewEl = document.getElementById('render-preview');
-        var cleanHtml = previewEl ? previewEl.innerHTML : '';
-        var blocks = parseHtmlToBlocks(cleanHtml);
 
-        // 空内容检测
-        if (blocks.length === 0) {
-            $('#paginated-preview').html('<div style="text-align:center;padding:60px 20px;color:#999;">文章正文内容为空</div>');
-            render._locked = false;
-            return deferred.resolve([]).promise();
-        }
+        // 等待预览区内所有图片加载完成，否则 getBoundingClientRect 测高为0
+        waitForImages(previewEl).then(function () {
+            var cleanHtml = previewEl ? previewEl.innerHTML : '';
+            var blocks = parseHtmlToBlocks(cleanHtml);
 
-        // 封面页
-        pages.push(generateCoverPage(sizeConfig));
-
-        // 内容分页（使用 captureEditorBlocks，T3 会完善截图逻辑）
-        captureEditorBlocks(cleanHtml, blocks, contentAreaHeight, sizeConfig).then(function(contentPages) {
-            pages = pages.concat(contentPages);
-
-            // 尾页
-            pages.push(generateSummaryPage(sizeConfig, pages.length));
-
-            // 页码 N/M
-            var totalPages = pages.length;
-            for (var i = 0; i < pages.length; i++) {
-                if (pages[i].type === 'content') {
-                    pages[i].html = pages[i].html.replace(
-                        '<span>' + pages[i].pageNum + '</span>',
-                        '<span class="page-number-indicator">' + (i + 1) + '/' + totalPages + '</span>'
-                    );
-                }
+            // 空内容检测
+            if (blocks.length === 0) {
+                $('#paginated-preview').html('<div style="text-align:center;padding:60px 20px;color:#999;">文章正文内容为空</div>');
+                render._locked = false;
+                return deferred.resolve([]).promise();
             }
 
-            // 渲染缩略图
-            renderThumbnails(sizeConfig).then(function() {
-                render._locked = false;
-                if (render._pending) {
-                    render._pending = false;
-                    render().catch(function() {});
+            // 封面页
+            pages.push(generateCoverPage(sizeConfig));
+
+            // 内容分页
+            captureEditorBlocks(cleanHtml, blocks, contentAreaHeight, sizeConfig).then(function(contentPages) {
+                pages = pages.concat(contentPages);
+
+                // 尾页
+                pages.push(generateSummaryPage(sizeConfig, pages.length));
+
+                // 页码 N/M
+                var totalPages = pages.length;
+                for (var i = 0; i < pages.length; i++) {
+                    if (pages[i].type === 'content') {
+                        pages[i].html = pages[i].html.replace(
+                            '<span>' + pages[i].pageNum + '</span>',
+                            '<span class="page-number-indicator">' + (i + 1) + '/' + totalPages + '</span>'
+                        );
+                    }
                 }
-                deferred.resolve(pages);
+
+                // 渲染缩略图
+                renderThumbnails(sizeConfig).then(function() {
+                    render._locked = false;
+                    if (render._pending) {
+                        render._pending = false;
+                        render().catch(function() {});
+                    }
+                    deferred.resolve(pages);
+                }).catch(function(err) {
+                    render._locked = false;
+                    deferred.reject(err);
+                });
             }).catch(function(err) {
                 render._locked = false;
                 deferred.reject(err);
             });
-        }).catch(function(err) {
-            render._locked = false;
-            deferred.reject(err);
         });
 
         return deferred.promise();
@@ -204,6 +208,44 @@ var PhoneImageEngine = (function () {
         $('#render-preview').html(cleanHtml);
     }
 
+    /**
+     * 等待容器内所有图片加载完成
+     * 图片未加载时 getBoundingClientRect() 高度为0，导致分页计算错误
+     * @param {HTMLElement} containerEl
+     * @returns {jQuery Deferred}
+     */
+    function waitForImages(containerEl) {
+        var deferred = $.Deferred();
+        var imgs = containerEl ? containerEl.querySelectorAll('img') : [];
+        if (imgs.length === 0) {
+            return deferred.resolve().promise();
+        }
+        var loaded = 0;
+        var total = imgs.length;
+        var timer = setTimeout(function () {
+            // 超时保底：3秒后强制继续
+            deferred.resolve();
+        }, 3000);
+
+        function checkDone() {
+            loaded++;
+            if (loaded >= total) {
+                clearTimeout(timer);
+                deferred.resolve();
+            }
+        }
+
+        for (var i = 0; i < imgs.length; i++) {
+            if (imgs[i].complete && imgs[i].naturalHeight > 0) {
+                checkDone();
+            } else {
+                imgs[i].onload = checkDone;
+                imgs[i].onerror = checkDone;
+            }
+        }
+        return deferred.promise();
+    }
+
     /**
      * 将HTML解析为块级元素数组
      * 每个块: { type, html, estimatedHeight }
@@ -392,30 +434,21 @@ var PhoneImageEngine = (function () {
 
         var previewChildren = Array.prototype.slice.call(previewEl.children);
 
-        // 逐组测高
+        // 逐 block 精确测高（包含 margin，否则分页偏小导致内容溢出）
         for (var gi = 0; gi < groups.length; gi++) {
             var group = groups[gi];
-            var groupHeight = 0;
 
-            for (var j = 0; j < group.domIndices.length; j++) {
+            for (var j = 0; j < group.blocks.length; j++) {
                 var di = group.domIndices[j];
                 if (di < previewChildren.length) {
-                    var rect = previewChildren[di].getBoundingClientRect();
-                    groupHeight += Math.round(rect.height);
+                    var el = previewChildren[di];
+                    var rect = el.getBoundingClientRect();
+                    var cs = window.getComputedStyle(el);
+                    var mt = parseFloat(cs.marginTop) || 0;
+                    var mb = parseFloat(cs.marginBottom) || 0;
+                    group.blocks[j].estimatedHeight = Math.round(rect.height + mt + mb);
                 }
             }
-
-            if (groupHeight === 0) groupHeight = group.blocks.length * 40;
-
-            // 按比例分配测量的实际高度给组内各个 block
-            var totalEstimated = 0;
-            for (var k = 0; k < group.blocks.length; k++) {
-                totalEstimated += (group.blocks[k].estimatedHeight || 40);
-            }
-            for (var k = 0; k < group.blocks.length; k++) {
-                var ratio = (group.blocks[k].estimatedHeight || 40) / (totalEstimated || 1);
-                group.blocks[k].estimatedHeight = Math.round(groupHeight * ratio);
-            }
         }
 
         // 给尚未设置高度的 block 设默认值