diff --git a/src/domain/javascript/javascriptSemanticAnalysis.structure.test.ts b/src/domain/javascript/javascriptSemanticAnalysis.structure.test.ts
index cd3b85932f..3afd181d28 100644
--- a/src/domain/javascript/javascriptSemanticAnalysis.structure.test.ts
+++ b/src/domain/javascript/javascriptSemanticAnalysis.structure.test.ts
@@ -342,6 +342,38 @@ describe("JavaScript semantic analysis: structure 2", () => {
     );
   });
 
+  it("resolves the value of a simple assignment expression exported through CommonJS", () => {
+    const ir = analyzeJavaScriptSemantics(`
+      function parse() { return { kind: "result" }; }
+      const holder = {};
+      module.exports = holder.value = parse;
+    `);
+    expect(ir.moduleLinks).toEqual(
+      expect.arrayContaining([
+        expect.objectContaining({
+          kind: "commonjs-export",
+          localName: "parse",
+          exportedName: "default",
+        }),
+      ]),
+    );
+  });
+
+  it.each(["parse", "default"])(
+    "does not export a %s property write to a replaced module.exports receiver",
+    (name) => {
+      const ir = analyzeJavaScriptSemantics(`
+        module.exports.${name} = (module.exports = () => ({ kind: "result" }));
+      `);
+      expect(ir.moduleLinks).toEqual([
+        expect.objectContaining({
+          kind: "commonjs-export",
+          exportedName: "default",
+        }),
+      ]);
+    },
+  );
+
   it("classifies destructuring and loop targets as writes, not reads", () => {
     const ir = analyzeJavaScriptSemantics(`
       let a, b, c;
diff --git a/src/domain/javascript/javascriptSemanticProjection.ts b/src/domain/javascript/javascriptSemanticProjection.ts
index f52d4495f3..3587e3c49d 100644
--- a/src/domain/javascript/javascriptSemanticProjection.ts
+++ b/src/domain/javascript/javascriptSemanticProjection.ts
@@ -372,22 +372,67 @@ const collectCommonJsExport = (
 ): void => {
   const exportedName = commonJsExportName(node.left, state);
   if (exportedName === undefined) return;
-  const origin = semanticRequireOrigin(node.right, state);
+  const receiverEffect = isCommonJsModuleExports(node.left, state)
+    ? null
+    : commonJsExportReceiverEffect(node.right, state);
+  if (receiverEffect === "detached") return;
+  // Simple assignment chains yield their rightmost assigned value. Compound
+  // and logical writes also depend on the previous value, so remain unknown.
+  let value =
+    node.operator === "=" && receiverEffect !== "uncertain" ? node.right : null;
+  while (t.isAssignmentExpression(value, { operator: "=" }))
+    value = value.right;
+  const origin =
+    value === null ? undefined : semanticRequireOrigin(value, state);
   addModuleLink(
     state,
     {
       kind: "commonjs-export",
       specifier: origin?.specifier ?? null,
       importedName: origin?.importedPath.at(-1) ?? null,
-      localName: t.isIdentifier(node.right) ? node.right.name : null,
+      localName: value !== null && t.isIdentifier(value) ? value.name : null,
       exportedName,
-      callableId: semanticCallableIdForNode(node.right),
+      callableId: value === null ? null : semanticCallableIdForNode(value),
       location: range(node),
     },
     node,
   );
 };
 
+/**
+ * An outer property assignment captures its receiver before evaluating the
+ * RHS. When that chain assigns a freshly created identity to `module.exports`,
+ * the outer write targets the old exports object and cannot define an export
+ * on the value ultimately returned by the CommonJS module. Reassignments from
+ * existing bindings may preserve identity, so this guard leaves them as
+ * export candidates.
+ */
+const commonJsExportReceiverEffect = (
+  node: t.Node,
+  state: JavaScriptSemanticAnalysisState,
+): "detached" | "uncertain" | null => {
+  let value = node;
+  while (t.isAssignmentExpression(value, { operator: "=" })) {
+    if (isCommonJsModuleExports(value.left, state))
+      return isFreshAssignmentResult(value.right) ? "detached" : "uncertain";
+    value = value.right;
+  }
+  return null;
+};
+
+const isFreshAssignmentResult = (node: t.Node): boolean => {
+  let value = node;
+  while (t.isAssignmentExpression(value, { operator: "=" }))
+    value = value.right;
+  return (
+    t.isArrowFunctionExpression(value) ||
+    t.isFunctionExpression(value) ||
+    t.isClassExpression(value) ||
+    t.isObjectExpression(value) ||
+    t.isArrayExpression(value)
+  );
+};
+
 const addModuleLink = (
   state: JavaScriptSemanticAnalysisState,
   link: Omit<JavaScriptSemanticModuleLink, "callableId"> & {
@@ -652,15 +697,17 @@ const commonJsExportName = (
     return key === null ? "*" : key || "*";
   if (
     t.isMemberExpression(node.object) &&
-    isUnshadowedGlobal(node.object.object, state, "module") &&
-    semanticStaticPropertyKey(node.object.property, node.object.computed) ===
-      "exports"
+    isCommonJsModuleExports(node.object, state)
   )
     return key === null ? "*" : key || "default";
-  if (
-    isUnshadowedGlobal(node.object, state, "module") &&
-    semanticStaticPropertyKey(node.property, node.computed) === "exports"
-  )
-    return "default";
+  if (isCommonJsModuleExports(node, state)) return "default";
   return undefined;
 };
+
+const isCommonJsModuleExports = (
+  node: t.Node,
+  state: JavaScriptSemanticAnalysisState,
+): boolean =>
+  (t.isMemberExpression(node) || t.isOptionalMemberExpression(node)) &&
+  isUnshadowedGlobal(node.object, state, "module") &&
+  semanticStaticPropertyKey(node.property, node.computed) === "exports";
diff --git a/tests/acceptance/applications/exportedFunctionBindingsCli.test.ts b/tests/acceptance/applications/exportedFunctionBindingsCli.test.ts
index bb2b10c34b..dece16d1b0 100644
--- a/tests/acceptance/applications/exportedFunctionBindingsCli.test.ts
+++ b/tests/acceptance/applications/exportedFunctionBindingsCli.test.ts
@@ -135,6 +135,158 @@ describe("exported function binding resolution through the CLI", () => {
     });
     expect(await compareThroughMcp(fixture.input)).toEqual(cli);
   });
+
+  it.each([
+    ["the CommonJS exports alias", "exports"],
+    ["an ordinary object property", "holder.value"],
+  ])(
+    "resolves exported callable values through = chains ending at %s",
+    async (_, target) => {
+      const fixture = await analyzeVersions(
+        (count) =>
+          `const holder = {};\nfunction parse() { return { kind: "result", count: ${String(count)} }; }\nmodule.exports = ${target} = parse;`,
+        "default",
+        "app.cjs",
+      );
+      expect(requireFixture(fixture.leftPath)()).toEqual({
+        kind: "result",
+        count: 1,
+      });
+      expect(requireFixture(fixture.rightPath)()).toEqual({
+        kind: "result",
+        count: 2,
+      });
+      for (const evidence of [fixture.input.left, fixture.input.right])
+        expectExportedCallableBinding(evidence, "parse");
+      const cli = await compareThroughCli(fixture);
+      expectCountChange(cli);
+      expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+    },
+  );
+});
+
+describe("CommonJS assignment-chain receiver identity through the CLI", () => {
+  it("does not export a named write whose captured module.exports receiver is replaced", async () => {
+    const fixture = await analyzeVersions(
+      (count) =>
+        `const VERSION = ${String(count)};\nmodule.exports.parse = (module.exports = () => ({ count: VERSION }));`,
+      "parse",
+      "app.cjs",
+    );
+    for (const path of [fixture.leftPath, fixture.rightPath]) {
+      const value = requireFixture(path);
+      expect(typeof value).toBe("function");
+      expect(Reflect.ownKeys(value)).toEqual(["length", "name"]);
+    }
+    for (const evidence of [fixture.input.left, fixture.input.right]) {
+      const analysis = z
+        .object({
+          normalized_result: javascriptApplicationAnalysisResultSchema,
+        })
+        .parse(evidence).normalized_result;
+      expect(
+        analysis.graph.nodes
+          .flatMap(({ observations }) => observations)
+          .filter(
+            ({ properties }) =>
+              properties.semantic_role === "export-binding" &&
+              properties.exported_name === "parse",
+          ),
+      ).toEqual([]);
+    }
+    const cli = await compareThroughCli(fixture);
+    expect(cli).toMatchObject({
+      left: { status: "missing" },
+      right: { status: "missing" },
+      summary: { added: 0, removed: 0, changed: 0 },
+    });
+    expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+  });
+
+  it("keeps a named property export when its receiver remains stable through the RHS chain", async () => {
+    const fixture = await analyzeVersions(
+      (count) =>
+        `const holder = {};\nfunction parse() { return { kind: "result", count: ${String(count)} }; }\nmodule.exports.parse = holder.value = parse;`,
+      "parse",
+      "app.cjs",
+    );
+    for (const path of [fixture.leftPath, fixture.rightPath])
+      expect(requireFixture(path).parse()).toEqual({
+        kind: "result",
+        count: path === fixture.leftPath ? 1 : 2,
+      });
+    const cli = await compareThroughCli(fixture);
+    expectCountChange(cli);
+    expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+  });
+
+  it("keeps receiver identity unresolved when module.exports is reassigned to the same function", async () => {
+    const fixture = await analyzeVersions(
+      (count) =>
+        `const VERSION = ${String(count)};\nfunction parse() { return { count: VERSION }; }\nmodule.exports = parse;\nmodule.exports.parse = (module.exports = parse);`,
+      "parse",
+      "app.cjs",
+    );
+    for (const path of [fixture.leftPath, fixture.rightPath]) {
+      const value = requireFixture(path);
+      expect(value.parse).toBe(value);
+      expect(value.parse()).toEqual({
+        count: path === fixture.leftPath ? 1 : 2,
+      });
+    }
+    for (const evidence of [fixture.input.left, fixture.input.right])
+      expectUnresolvedExportBinding(evidence, "parse");
+    const cli = await compareThroughCli(fixture);
+    expect(cli).toMatchObject({
+      left: { status: "unavailable" },
+      right: { status: "unavailable" },
+    });
+    expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+  });
+
+  it("keeps receiver replacement by an existing function unresolved", async () => {
+    const fixture = await analyzeVersions(
+      (count) =>
+        `const VERSION = ${String(count)};\nfunction parse() { return { count: VERSION }; }\nmodule.exports.parse = (module.exports = parse);`,
+      "parse",
+      "app.cjs",
+    );
+    for (const path of [fixture.leftPath, fixture.rightPath]) {
+      const value = requireFixture(path);
+      expect(typeof value).toBe("function");
+      expect(value.parse).toBeUndefined();
+      expect(value()).toEqual({
+        count: path === fixture.leftPath ? 1 : 2,
+      });
+    }
+    for (const evidence of [fixture.input.left, fixture.input.right])
+      expectUnresolvedExportBinding(evidence, "parse");
+    const cli = await compareThroughCli(fixture);
+    expect(cli).toMatchObject({
+      left: { status: "unavailable" },
+      right: { status: "unavailable" },
+    });
+    expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+  });
+
+  it("resolves a nested lexical parse binding in an ordinary module.exports chain", async () => {
+    const fixture = await analyzeVersions(
+      (count) =>
+        `function parse() { return { count: VERSION }; }\nfunction configure() { const parse = () => ({ count: 7 }); let local; module.exports = local = parse; }\nconst VERSION = ${String(count)};\nconfigure();`,
+      "default",
+      "app.cjs",
+    );
+    for (const path of [fixture.leftPath, fixture.rightPath])
+      expect(requireFixture(path)()).toEqual({ count: 7 });
+    for (const evidence of [fixture.input.left, fixture.input.right])
+      expectExportedCallableBinding(evidence, "parse");
+    const cli = await compareThroughCli(fixture);
+    expect(cli).toMatchObject({
+      summary: { added: 0, removed: 0, changed: 0, unknown: 0 },
+      changes: [],
+    });
+    expect(await compareThroughMcp(fixture.input)).toEqual(cli);
+  });
 });
 
 describe("stable exported function bindings through the CLI", () => {
@@ -505,6 +657,58 @@ const expectRuntimeExports = async (
     expect(await runtimeExport(path, exportName)).toEqual(expected(count));
 };
 
+const expectExportedCallableBinding = (
+  evidence: unknown,
+  localName: string,
+): void => {
+  const analysis = z
+    .object({
+      normalized_result: javascriptApplicationAnalysisResultSchema,
+    })
+    .parse(evidence).normalized_result;
+  const exportBinding = analysis.graph.nodes
+    .flatMap(({ observations }) => observations)
+    .find(
+      ({ properties }) =>
+        properties.semantic_role === "export-binding" &&
+        properties.exported_name === "default",
+    );
+  expect(exportBinding?.properties.local_name).toBe(localName);
+  expect(analysis.semantic_graph.nodes).toEqual(
+    expect.arrayContaining([
+      expect.objectContaining({ kind: "function", label: localName }),
+    ]),
+  );
+};
+
+const expectUnresolvedExportBinding = (
+  evidence: unknown,
+  exportName: string,
+): void => {
+  const analysis = z
+    .object({
+      normalized_result: javascriptApplicationAnalysisResultSchema,
+    })
+    .parse(evidence).normalized_result;
+  const observations = analysis.graph.nodes.flatMap(
+    ({ observations }) => observations,
+  );
+  expect(
+    observations.filter(
+      ({ properties }) =>
+        properties.semantic_role === "export-binding" &&
+        properties.exported_name === exportName,
+    ),
+  ).not.toHaveLength(0);
+  expect(
+    observations.filter(
+      ({ properties }) =>
+        properties.semantic_role === "export-return-shapes" &&
+        properties.exported_name === exportName,
+    ),
+  ).toEqual([]);
+};
+
 const expectUncertainComparison = (
   result: Awaited<ReturnType<typeof compareThroughCli>>,
 ): void => {