diff --git a/Tiku.Api/Contracts/TenantCommerceDtos.cs b/Tiku.Api/Contracts/TenantCommerceDtos.cs
new file mode 100644
index 0000000..cc7dbeb
--- /dev/null
+++ b/Tiku.Api/Contracts/TenantCommerceDtos.cs
@@ -0,0 +1,136 @@
+using System.ComponentModel.DataAnnotations;
+using System.Text.Json;
+using Tiku.Application.Commerce;
+using Tiku.Domain.Commerce;
+using Tiku.Domain.Common;
+using Tiku.Domain.Tenancy;
+
+namespace Tiku.Api.Contracts;
+
+public sealed class TenantCommerceQueryDto
+{
+    [StringLength(50)]
+    public string? Provider { get; set; }
+
+    [StringLength(32)]
+    public string? Status { get; set; }
+
+    [Range(1, 200)]
+    public int? Limit { get; set; }
+}
+
+public sealed class UpsertPaymentAccountDto
+{
+    [Required]
+    [StringLength(50)]
+    public string Provider { get; set; } = string.Empty;
+
+    public TenantPaymentMode Mode { get; set; } = TenantPaymentMode.TenantCollect;
+
+    [StringLength(200)]
+    public string? DisplayName { get; set; }
+
+    public TenantPaymentAccountStatus Status { get; set; } = TenantPaymentAccountStatus.Disabled;
+
+    public JsonElement ConfigPublic { get; set; } = JsonDefaults.Object();
+
+    public UpsertPaymentAccountCommand ToCommand()
+    {
+        return new UpsertPaymentAccountCommand(Provider, Mode, DisplayName, Status, ConfigPublic);
+    }
+}
+
+public sealed class UpsertTenantSecretDto
+{
+    [Required]
+    [StringLength(80)]
+    public string Purpose { get; set; } = "payment";
+
+    [Required]
+    [StringLength(50)]
+    public string Provider { get; set; } = string.Empty;
+
+    [Required]
+    [StringLength(120)]
+    public string SecretKey { get; set; } = string.Empty;
+
+    [StringLength(300)]
+    public string SecretRef { get; set; } = string.Empty;
+
+    public TenantSecretStatus Status { get; set; } = TenantSecretStatus.Active;
+    public JsonElement SecretPayload { get; set; } = JsonDefaults.Object();
+    public DateTimeOffset? ExpiresAt { get; set; }
+
+    public UpsertTenantSecretCommand ToCommand()
+    {
+        return new UpsertTenantSecretCommand(
+            Purpose,
+            Provider,
+            SecretKey,
+            SecretRef,
+            Status,
+            SecretPayload,
+            ExpiresAt);
+    }
+}
+
+public sealed class CreateCodeBatchDto
+{
+    [Required]
+    [StringLength(200)]
+    public string Name { get; set; } = string.Empty;
+
+    [Range(1, 1000)]
+    public int TotalCount { get; set; }
+
+    [Range(1, 3650)]
+    public int Days { get; set; }
+
+    public Guid? RegionId { get; set; }
+
+    [StringLength(50)]
+    public string? SaleType { get; set; }
+
+    [StringLength(100)]
+    public string? Channel { get; set; }
+
+    [Range(0, int.MaxValue)]
+    public int? DefaultUnitPriceCents { get; set; }
+
+    [Range(0, int.MaxValue)]
+    public int? CostPriceCents { get; set; }
+
+    [StringLength(1000)]
+    public string? Remark { get; set; }
+
+    public CreateCodeBatchCommand ToCommand()
+    {
+        return new CreateCodeBatchCommand(
+            Name,
+            TotalCount,
+            Days,
+            RegionId,
+            SaleType,
+            Channel,
+            DefaultUnitPriceCents,
+            CostPriceCents,
+            Remark);
+    }
+}
+
+public sealed class RedeemActivationCodeDto
+{
+    [Required]
+    [StringLength(100)]
+    public string Code { get; set; } = string.Empty;
+
+    [Required]
+    public Guid UserId { get; set; }
+
+    public Guid? RegionId { get; set; }
+
+    public RedeemActivationCodeCommand ToCommand()
+    {
+        return new RedeemActivationCodeCommand(Code, UserId, RegionId);
+    }
+}
diff --git a/Tiku.Api/Controllers/TenantCommerceController.cs b/Tiku.Api/Controllers/TenantCommerceController.cs
new file mode 100644
index 0000000..13eb82a
--- /dev/null
+++ b/Tiku.Api/Controllers/TenantCommerceController.cs
@@ -0,0 +1,136 @@
+using Microsoft.AspNetCore.Authorization;
+using Microsoft.AspNetCore.Mvc;
+using Tiku.Api.Contracts;
+using Tiku.Application.Commerce;
+using Tiku.Application.Security;
+
+namespace Tiku.Api.Controllers;
+
+[ApiController]
+[Authorize(Policy = TikuPolicies.TenantAdmin)]
+[Produces("application/json")]
+[Route("api/tenant-commerce")]
+public sealed class TenantCommerceController(
+    ICommerceAdminService commerceAdminService,
+    ICurrentUser currentUser,
+    ICurrentTenant currentTenant) : ControllerBase
+{
+    [HttpGet("payment-accounts")]
+    [EndpointSummary("查询租户支付账号")]
+    [ProducesResponseType<IReadOnlyCollection<TenantPaymentAccountItem>>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<IReadOnlyCollection<TenantPaymentAccountItem>>> PaymentAccounts(
+        [FromQuery] TenantCommerceQueryDto query,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.GetPaymentAccountsAsync(
+            ResolveActor(),
+            ToQuery(query),
+            cancellationToken));
+    }
+
+    [HttpPut("payment-accounts")]
+    [EndpointSummary("新增或更新租户支付账号")]
+    [ProducesResponseType<TenantPaymentAccountItem>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<TenantPaymentAccountItem>> UpsertPaymentAccount(
+        UpsertPaymentAccountDto request,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.UpsertPaymentAccountAsync(
+            ResolveActor(),
+            request.ToCommand(),
+            cancellationToken));
+    }
+
+    [HttpPut("secrets")]
+    [EndpointSummary("写入或轮换租户密钥")]
+    [ProducesResponseType<TenantSecretItem>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<TenantSecretItem>> UpsertSecret(
+        UpsertTenantSecretDto request,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.UpsertTenantSecretAsync(
+            ResolveActor(),
+            request.ToCommand(),
+            cancellationToken));
+    }
+
+    [HttpGet("orders")]
+    [EndpointSummary("查询租户订单")]
+    [ProducesResponseType<AdminOrderList>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<AdminOrderList>> Orders(
+        [FromQuery] TenantCommerceQueryDto query,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.GetOrdersAsync(
+            ResolveActor(),
+            ToQuery(query),
+            cancellationToken));
+    }
+
+    [HttpGet("payments")]
+    [EndpointSummary("查询租户支付记录")]
+    [ProducesResponseType<AdminPaymentList>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<AdminPaymentList>> Payments(
+        [FromQuery] TenantCommerceQueryDto query,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.GetPaymentsAsync(
+            ResolveActor(),
+            ToQuery(query),
+            cancellationToken));
+    }
+
+    [HttpPost("code-batches")]
+    [EndpointSummary("创建兑换码批次")]
+    [ProducesResponseType<CodeBatchItem>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<CodeBatchItem>> CreateCodeBatch(
+        CreateCodeBatchDto request,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.CreateCodeBatchAsync(
+            ResolveActor(),
+            request.ToCommand(),
+            cancellationToken));
+    }
+
+    [HttpGet("activation-codes")]
+    [EndpointSummary("查询兑换码")]
+    [ProducesResponseType<ActivationCodeList>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<ActivationCodeList>> ActivationCodes(
+        [FromQuery] TenantCommerceQueryDto query,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.GetActivationCodesAsync(
+            ResolveActor(),
+            ToQuery(query),
+            cancellationToken));
+    }
+
+    [HttpPost("activation-codes/redeem")]
+    [EndpointSummary("后台核销兑换码")]
+    [ProducesResponseType<ActivationCodeItem>(StatusCodes.Status200OK)]
+    public async Task<ActionResult<ActivationCodeItem>> RedeemActivationCode(
+        RedeemActivationCodeDto request,
+        CancellationToken cancellationToken)
+    {
+        return Ok(await commerceAdminService.RedeemActivationCodeAsync(
+            ResolveActor(),
+            request.ToCommand(),
+            cancellationToken));
+    }
+
+    private CommerceAdminActor ResolveActor()
+    {
+        if (currentTenant.TenantId is null || currentUser.UserId is null)
+        {
+            throw new CommerceException("Tenant commerce actor was not resolved.", "tenant_admin_access_denied");
+        }
+
+        return new CommerceAdminActor(currentTenant.TenantId.Value, currentUser.UserId.Value);
+    }
+
+    private static CommerceAdminQuery ToQuery(TenantCommerceQueryDto query)
+    {
+        return new CommerceAdminQuery(query.Provider, query.Status, query.Limit);
+    }
+}
diff --git a/Tiku.Api/Middleware/ExceptionHandlingMiddleware.cs b/Tiku.Api/Middleware/ExceptionHandlingMiddleware.cs
index 9d30b76..0948de3 100644
--- a/Tiku.Api/Middleware/ExceptionHandlingMiddleware.cs
+++ b/Tiku.Api/Middleware/ExceptionHandlingMiddleware.cs
@@ -335,9 +335,10 @@ public sealed class ExceptionHandlingMiddleware(
         return code switch
         {
             "commerce_access_denied" or "tenant_access_denied" => StatusCodes.Status403Forbidden,
-            "order_not_found" or "svip_plan_not_found" or "region_not_found" => StatusCodes.Status404NotFound,
+            "tenant_admin_access_denied" => StatusCodes.Status403Forbidden,
+            "order_not_found" or "svip_plan_not_found" or "region_not_found" or "activation_code_not_found" => StatusCodes.Status404NotFound,
             "payment_provider_not_configured" or "payment_secret_not_configured" => StatusCodes.Status503ServiceUnavailable,
-            "order_status_invalid" => StatusCodes.Status409Conflict,
+            "order_status_invalid" or "activation_code_used" or "payment_amount_mismatch" => StatusCodes.Status409Conflict,
             _ => StatusCodes.Status400BadRequest
         };
     }
diff --git a/Tiku.Application/Commerce/CommerceAdminModels.cs b/Tiku.Application/Commerce/CommerceAdminModels.cs
new file mode 100644
index 0000000..bbfe62a
--- /dev/null
+++ b/Tiku.Application/Commerce/CommerceAdminModels.cs
@@ -0,0 +1,135 @@
+using System.Text.Json;
+using Tiku.Domain.Commerce;
+using Tiku.Domain.Tenancy;
+
+namespace Tiku.Application.Commerce;
+
+public sealed record CommerceAdminActor(Guid TenantId, Guid UserId);
+
+public sealed record CommerceAdminQuery(string? Provider = null, string? Status = null, int? Limit = null);
+
+public sealed record UpsertPaymentAccountCommand(
+    string Provider,
+    TenantPaymentMode Mode,
+    string? DisplayName,
+    TenantPaymentAccountStatus Status,
+    JsonElement ConfigPublic);
+
+public sealed record TenantPaymentAccountItem(
+    Guid Id,
+    string Provider,
+    string Mode,
+    string? DisplayName,
+    string Status,
+    JsonElement ConfigPublic,
+    DateTimeOffset CreatedAt,
+    DateTimeOffset UpdatedAt);
+
+public sealed record UpsertTenantSecretCommand(
+    string Purpose,
+    string Provider,
+    string SecretKey,
+    string SecretRef,
+    TenantSecretStatus Status,
+    JsonElement SecretPayload,
+    DateTimeOffset? ExpiresAt);
+
+public sealed record TenantSecretItem(
+    Guid Id,
+    string Purpose,
+    string Provider,
+    string SecretKey,
+    string SecretRef,
+    string Status,
+    DateTimeOffset? RotatedAt,
+    DateTimeOffset? ExpiresAt,
+    DateTimeOffset UpdatedAt);
+
+public sealed record AdminOrderList(IReadOnlyCollection<CommerceOrderItem> Items);
+
+public sealed record AdminPaymentList(IReadOnlyCollection<CommercePaymentItem> Items);
+
+public sealed record CreateCodeBatchCommand(
+    string Name,
+    int TotalCount,
+    int Days,
+    Guid? RegionId,
+    string? SaleType,
+    string? Channel,
+    int? DefaultUnitPriceCents,
+    int? CostPriceCents,
+    string? Remark);
+
+public sealed record CodeBatchItem(
+    Guid Id,
+    string Name,
+    int TotalCount,
+    int Days,
+    Guid? RegionId,
+    string? SaleType,
+    string? Channel,
+    int DefaultUnitPriceCents,
+    int CostPriceCents,
+    DateTimeOffset? IssuedAt,
+    string? Remark,
+    DateTimeOffset CreatedAt);
+
+public sealed record ActivationCodeItem(
+    Guid Id,
+    Guid? BatchId,
+    string Code,
+    int Days,
+    bool IsUsed,
+    Guid? UsedBy,
+    DateTimeOffset? UsedAt,
+    string? SaleType,
+    string? SoldTo,
+    string? Remark,
+    DateTimeOffset CreatedAt);
+
+public sealed record ActivationCodeList(IReadOnlyCollection<ActivationCodeItem> Items);
+
+public sealed record RedeemActivationCodeCommand(string Code, Guid UserId, Guid? RegionId);
+
+public interface ICommerceAdminService
+{
+    Task<IReadOnlyCollection<TenantPaymentAccountItem>> GetPaymentAccountsAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default);
+
+    Task<TenantPaymentAccountItem> UpsertPaymentAccountAsync(
+        CommerceAdminActor actor,
+        UpsertPaymentAccountCommand command,
+        CancellationToken cancellationToken = default);
+
+    Task<TenantSecretItem> UpsertTenantSecretAsync(
+        CommerceAdminActor actor,
+        UpsertTenantSecretCommand command,
+        CancellationToken cancellationToken = default);
+
+    Task<AdminOrderList> GetOrdersAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default);
+
+    Task<AdminPaymentList> GetPaymentsAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default);
+
+    Task<CodeBatchItem> CreateCodeBatchAsync(
+        CommerceAdminActor actor,
+        CreateCodeBatchCommand command,
+        CancellationToken cancellationToken = default);
+
+    Task<ActivationCodeList> GetActivationCodesAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default);
+
+    Task<ActivationCodeItem> RedeemActivationCodeAsync(
+        CommerceAdminActor actor,
+        RedeemActivationCodeCommand command,
+        CancellationToken cancellationToken = default);
+}
diff --git a/Tiku.Infrastructure/Commerce/CommerceAdminService.cs b/Tiku.Infrastructure/Commerce/CommerceAdminService.cs
new file mode 100644
index 0000000..67f3ee3
--- /dev/null
+++ b/Tiku.Infrastructure/Commerce/CommerceAdminService.cs
@@ -0,0 +1,379 @@
+using System.Globalization;
+using System.Security.Cryptography;
+using System.Text.Json;
+using Microsoft.EntityFrameworkCore;
+using Tiku.Application.Commerce;
+using Tiku.Domain.Catalog;
+using Tiku.Domain.Commerce;
+using Tiku.Domain.Tenancy;
+using Tiku.Infrastructure.Persistence;
+
+namespace Tiku.Infrastructure.Commerce;
+
+public sealed class CommerceAdminService(TikuDbContext dbContext) : ICommerceAdminService
+{
+    public async Task<IReadOnlyCollection<TenantPaymentAccountItem>> GetPaymentAccountsAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var accounts = dbContext.TenantPaymentAccounts.AsNoTracking()
+            .Where(item => item.TenantId == actor.TenantId);
+        if (!string.IsNullOrWhiteSpace(query.Provider))
+        {
+            var provider = NormalizeProvider(query.Provider);
+            accounts = accounts.Where(item => item.Provider == provider);
+        }
+
+        return await accounts
+            .OrderBy(item => item.Provider)
+            .Take(Math.Clamp(query.Limit ?? 50, 1, 100))
+            .Select(item => ToPaymentAccountItem(item))
+            .ToArrayAsync(cancellationToken);
+    }
+
+    public async Task<TenantPaymentAccountItem> UpsertPaymentAccountAsync(
+        CommerceAdminActor actor,
+        UpsertPaymentAccountCommand command,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        AssertNoSecrets(command.ConfigPublic, "config_public");
+        var provider = NormalizeProvider(command.Provider);
+        var account = await dbContext.TenantPaymentAccounts
+            .SingleOrDefaultAsync(item => item.TenantId == actor.TenantId && item.Provider == provider, cancellationToken);
+        if (account is null)
+        {
+            account = new TenantPaymentAccount
+            {
+                TenantId = actor.TenantId,
+                Provider = provider
+            };
+            dbContext.TenantPaymentAccounts.Add(account);
+        }
+
+        account.Mode = command.Mode;
+        account.DisplayName = command.DisplayName?.Trim();
+        account.Status = command.Status;
+        account.ConfigPublic = JsonObjectOrDefault(command.ConfigPublic);
+
+        await dbContext.SaveChangesAsync(cancellationToken);
+        return ToPaymentAccountItem(account);
+    }
+
+    public async Task<TenantSecretItem> UpsertTenantSecretAsync(
+        CommerceAdminActor actor,
+        UpsertTenantSecretCommand command,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var secretRef = string.IsNullOrWhiteSpace(command.SecretRef)
+            ? $"tenant_secrets:{command.Purpose}:{NormalizeProvider(command.Provider)}:{command.SecretKey}"
+            : command.SecretRef.Trim();
+        var provider = NormalizeProvider(command.Provider);
+        var secret = await dbContext.TenantSecrets
+            .SingleOrDefaultAsync(item => item.TenantId == actor.TenantId && item.SecretRef == secretRef, cancellationToken);
+        if (secret is null)
+        {
+            secret = new TenantSecret
+            {
+                TenantId = actor.TenantId,
+                SecretRef = secretRef
+            };
+            dbContext.TenantSecrets.Add(secret);
+        }
+        else
+        {
+            secret.RotatedAt = DateTimeOffset.UtcNow;
+        }
+
+        secret.Purpose = command.Purpose.Trim();
+        secret.Provider = provider;
+        secret.SecretKey = command.SecretKey.Trim();
+        secret.Status = command.Status;
+        secret.SecretPayload = JsonObjectOrDefault(command.SecretPayload);
+        secret.ExpiresAt = command.ExpiresAt;
+
+        await dbContext.SaveChangesAsync(cancellationToken);
+        return ToSecretItem(secret);
+    }
+
+    public async Task<AdminOrderList> GetOrdersAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var orders = dbContext.Orders.AsNoTracking()
+            .Where(item => item.TenantId == actor.TenantId);
+        if (!string.IsNullOrWhiteSpace(query.Status))
+        {
+            orders = orders.Where(item => item.Status == ParseOrderStatus(query.Status));
+        }
+
+        var items = await orders
+            .OrderByDescending(item => item.CreatedAt)
+            .Take(Math.Clamp(query.Limit ?? 50, 1, 200))
+            .ToArrayAsync(cancellationToken);
+        return new AdminOrderList(items.Select(ToOrderItem).ToArray());
+    }
+
+    public async Task<AdminPaymentList> GetPaymentsAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var payments = from payment in dbContext.Payments.AsNoTracking()
+                       join order in dbContext.Orders.AsNoTracking()
+                           on new { payment.TenantId, payment.OrderId } equals new { order.TenantId, OrderId = order.Id }
+                       where payment.TenantId == actor.TenantId
+                       select new { payment, order.OrderNo };
+        if (!string.IsNullOrWhiteSpace(query.Provider))
+        {
+            var provider = NormalizeProvider(query.Provider);
+            payments = payments.Where(item => item.payment.Provider == provider);
+        }
+
+        if (!string.IsNullOrWhiteSpace(query.Status))
+        {
+            payments = payments.Where(item => item.payment.Status == ParsePaymentStatus(query.Status));
+        }
+
+        var rows = await payments
+            .OrderByDescending(item => item.payment.CreatedAt)
+            .Take(Math.Clamp(query.Limit ?? 50, 1, 200))
+            .ToArrayAsync(cancellationToken);
+        return new AdminPaymentList(rows.Select(item => ToPaymentItem(item.payment, item.OrderNo)).ToArray());
+    }
+
+    public async Task<CodeBatchItem> CreateCodeBatchAsync(
+        CommerceAdminActor actor,
+        CreateCodeBatchCommand command,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        if (command.TotalCount is < 1 or > 1000)
+        {
+            throw new CommerceException("Code batch total count must be between 1 and 1000.", "invalid_code_batch_count");
+        }
+
+        if (command.Days <= 0)
+        {
+            throw new CommerceException("Activation code days must be positive.", "invalid_activation_days");
+        }
+
+        if (command.RegionId.HasValue)
+        {
+            var regionExists = await dbContext.Regions
+                .AnyAsync(item => item.TenantId == actor.TenantId && item.Id == command.RegionId.Value, cancellationToken);
+            if (!regionExists)
+            {
+                throw new CommerceException("Region was not found.", "region_not_found");
+            }
+        }
+
+        var batch = new CodeBatch
+        {
+            TenantId = actor.TenantId,
+            RegionId = command.RegionId,
+            CreatedBy = actor.UserId,
+            Name = command.Name.Trim(),
+            SaleType = command.SaleType?.Trim(),
+            Channel = command.Channel?.Trim(),
+            DefaultUnitPriceCents = command.DefaultUnitPriceCents ?? 0,
+            CostPriceCents = command.CostPriceCents ?? 0,
+            TotalCount = command.TotalCount,
+            Days = command.Days,
+            IssuedAt = DateTimeOffset.UtcNow,
+            Remark = command.Remark
+        };
+        dbContext.CodeBatches.Add(batch);
+        for (var index = 0; index < command.TotalCount; index++)
+        {
+            dbContext.ActivationCodes.Add(new ActivationCode
+            {
+                TenantId = actor.TenantId,
+                BatchId = batch.Id,
+                Code = GenerateActivationCode(),
+                Days = command.Days,
+                SaleType = batch.SaleType,
+                UnitPriceCents = batch.DefaultUnitPriceCents,
+                Remark = batch.Remark
+            });
+        }
+
+        await dbContext.SaveChangesAsync(cancellationToken);
+        return ToCodeBatchItem(batch);
+    }
+
+    public async Task<ActivationCodeList> GetActivationCodesAsync(
+        CommerceAdminActor actor,
+        CommerceAdminQuery query,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var codes = dbContext.ActivationCodes.AsNoTracking()
+            .Where(item => item.TenantId == actor.TenantId);
+        if (!string.IsNullOrWhiteSpace(query.Status))
+        {
+            var used = string.Equals(query.Status, "used", StringComparison.OrdinalIgnoreCase);
+            codes = codes.Where(item => item.IsUsed == used);
+        }
+
+        var items = await codes
+            .OrderByDescending(item => item.CreatedAt)
+            .Take(Math.Clamp(query.Limit ?? 50, 1, 200))
+            .ToArrayAsync(cancellationToken);
+        return new ActivationCodeList(items.Select(ToActivationCodeItem).ToArray());
+    }
+
+    public async Task<ActivationCodeItem> RedeemActivationCodeAsync(
+        CommerceAdminActor actor,
+        RedeemActivationCodeCommand command,
+        CancellationToken cancellationToken = default)
+    {
+        await AssertAdminAsync(actor, cancellationToken);
+        var code = await dbContext.ActivationCodes
+            .SingleOrDefaultAsync(item =>
+                item.TenantId == actor.TenantId &&
+                item.Code == command.Code.Trim(),
+                cancellationToken)
+            ?? throw new CommerceException("Activation code was not found.", "activation_code_not_found");
+        if (code.IsUsed)
+        {
+            throw new CommerceException("Activation code has already been used.", "activation_code_used");
+        }
+
+        var userIsMember = await dbContext.TenantMemberships.AnyAsync(item =>
+            item.TenantId == actor.TenantId &&
+            item.UserId == command.UserId &&
+            item.Status == MembershipStatus.Active,
+            cancellationToken);
+        if (!userIsMember)
+        {
+            throw new CommerceException("Target user is not a tenant member.", "tenant_member_not_found");
+        }
+
+        code.IsUsed = true;
+        code.UsedBy = command.UserId;
+        code.UsedRegionId = command.RegionId;
+        code.UsedAt = DateTimeOffset.UtcNow;
+        dbContext.Entitlements.Add(new Entitlement
+        {
+            TenantId = actor.TenantId,
+            UserId = command.UserId,
+            EntitlementType = "svip",
+            SourceType = "activation_code",
+            SourceId = code.Id,
+            StartsAt = DateTimeOffset.UtcNow,
+            ExpiresAt = DateTimeOffset.UtcNow.AddDays(code.Days),
+            Status = EntitlementStatus.Active,
+            Metadata = JsonSerializer.SerializeToElement(new { code.Code, code.BatchId })
+        });
+
+        await dbContext.SaveChangesAsync(cancellationToken);
+        return ToActivationCodeItem(code);
+    }
+
+    private async Task AssertAdminAsync(CommerceAdminActor actor, CancellationToken cancellationToken)
+    {
+        var isAdmin = await dbContext.TenantMemberships.AnyAsync(item =>
+            item.TenantId == actor.TenantId &&
+            item.UserId == actor.UserId &&
+            item.Status == MembershipStatus.Active &&
+            (item.Role == TenantRole.PlatformAdmin ||
+             item.Role == TenantRole.TenantOwner ||
+             item.Role == TenantRole.TenantAdmin),
+            cancellationToken);
+        if (!isAdmin)
+        {
+            throw new CommerceException("Tenant admin access is required.", "tenant_admin_access_denied");
+        }
+    }
+
+    private static TenantPaymentAccountItem ToPaymentAccountItem(TenantPaymentAccount item) =>
+        new(item.Id, item.Provider, item.Mode.ToString(), item.DisplayName, item.Status.ToString(), item.ConfigPublic, item.CreatedAt, item.UpdatedAt);
+
+    private static TenantSecretItem ToSecretItem(TenantSecret item) =>
+        new(item.Id, item.Purpose, item.Provider, item.SecretKey, item.SecretRef, item.Status.ToString(), item.RotatedAt, item.ExpiresAt, item.UpdatedAt);
+
+    private static CodeBatchItem ToCodeBatchItem(CodeBatch item) =>
+        new(item.Id, item.Name, item.TotalCount, item.Days ?? 0, item.RegionId, item.SaleType, item.Channel, item.DefaultUnitPriceCents, item.CostPriceCents, item.IssuedAt, item.Remark, item.CreatedAt);
+
+    private static ActivationCodeItem ToActivationCodeItem(ActivationCode item) =>
+        new(item.Id, item.BatchId, item.Code, item.Days, item.IsUsed, item.UsedBy, item.UsedAt, item.SaleType, item.SoldTo, item.Remark, item.CreatedAt);
+
+    private static CommerceOrderItem ToOrderItem(Order order) =>
+        new(order.Id, order.OrderNo, order.Status.ToString(), order.PlanId, order.RegionId, order.ProductType, order.ProductName, order.AmountCents, FormatCny(order.AmountCents), order.PayMethod, order.PayProvider, order.TradeNo, order.Days, order.PaidAt, order.CreatedAt, order.RawPayload);
+
+    private static CommercePaymentItem ToPaymentItem(Payment payment, string orderNo) =>
+        new(payment.Id, payment.OrderId, orderNo, payment.Provider, payment.Method, payment.Status.ToString(), payment.AmountCents, FormatCny(payment.AmountCents), payment.ProviderTradeNo, payment.PaidAt, JsonSerializer.SerializeToElement(new { }), payment.RawPayload);
+
+    private static OrderStatus ParseOrderStatus(string? status) =>
+        Enum.TryParse<OrderStatus>(NormalizeEnum(status), true, out var parsed)
+            ? parsed
+            : throw new CommerceException("Order status is invalid.", "invalid_order_status");
+
+    private static PaymentStatus ParsePaymentStatus(string? status) =>
+        Enum.TryParse<PaymentStatus>(NormalizeEnum(status), true, out var parsed)
+            ? parsed
+            : throw new CommerceException("Payment status is invalid.", "invalid_payment_status");
+
+    private static string NormalizeEnum(string? value) =>
+        string.Concat((value ?? string.Empty).Split(['_', '-', ' '], StringSplitOptions.RemoveEmptyEntries));
+
+    private static string NormalizeProvider(string? provider)
+    {
+        var normalized = (provider ?? string.Empty).Trim().ToLowerInvariant().Replace("-", "_", StringComparison.Ordinal);
+        return normalized switch
+        {
+            "wechat" or "wechatpay" or "wxpay" or "wx_pay" => PaymentProviders.WechatPay,
+            "ali_pay" => PaymentProviders.Alipay,
+            "" => throw new CommerceException("Provider is required.", "provider_required"),
+            _ => normalized
+        };
+    }
+
+    private static JsonElement JsonObjectOrDefault(JsonElement element) =>
+        element.ValueKind == JsonValueKind.Object
+            ? element.Clone()
+            : JsonSerializer.SerializeToElement(new { });
+
+    private static void AssertNoSecrets(JsonElement element, string path)
+    {
+        if (element.ValueKind != JsonValueKind.Object)
+        {
+            return;
+        }
+
+        foreach (var property in element.EnumerateObject())
+        {
+            var key = property.Name.ToLowerInvariant();
+            if (key is "secretref" or "secret_ref")
+            {
+                continue;
+            }
+
+            if (key.Contains("secret", StringComparison.Ordinal) ||
+                key.Contains("privatekey", StringComparison.Ordinal) ||
+                key is "appsecret" or "apiv3key" or "api_v3_key" or "accesskeysecret")
+            {
+                throw new CommerceException($"{path} cannot contain secrets.", "public_config_contains_secret");
+            }
+
+            AssertNoSecrets(property.Value, $"{path}.{property.Name}");
+        }
+    }
+
+    private static string GenerateActivationCode()
+    {
+        Span<byte> bytes = stackalloc byte[8];
+        RandomNumberGenerator.Fill(bytes);
+        return $"TKU{Convert.ToHexString(bytes)}";
+    }
+
+    private static string FormatCny(int cents) =>
+        (cents / 100m).ToString("0.00", CultureInfo.InvariantCulture);
+}
diff --git a/Tiku.Infrastructure/DependencyInjection.cs b/Tiku.Infrastructure/DependencyInjection.cs
index 9fc55c5..6cf8b84 100644
--- a/Tiku.Infrastructure/DependencyInjection.cs
+++ b/Tiku.Infrastructure/DependencyInjection.cs
@@ -64,6 +64,7 @@ public static class DependencyInjection
         services.AddScoped<ILearningActivityService, LearningActivityService>();
         services.AddScoped<ITenantAdminDirectService, TenantAdminDirectService>();
         services.AddScoped<ICommerceService, CommerceService>();
+        services.AddScoped<ICommerceAdminService, CommerceAdminService>();
         services.AddScoped<ITenantSecretService, TenantSecretService>();
         services.AddScoped<IPaymentProviderConfigService, PaymentProviderConfigService>();
         services.AddScoped<IPaymentProviderGateway, PaymentProviderGateway>();
diff --git a/Tiku.IntegrationTests/Api/TenantCommerceEndpointTests.cs b/Tiku.IntegrationTests/Api/TenantCommerceEndpointTests.cs
new file mode 100644
index 0000000..cd8a331
--- /dev/null
+++ b/Tiku.IntegrationTests/Api/TenantCommerceEndpointTests.cs
@@ -0,0 +1,222 @@
+using System.Net;
+using System.Net.Http.Json;
+using System.Text.Json;
+using Microsoft.Extensions.DependencyInjection;
+using Tiku.Api.Contracts;
+using Tiku.Application.Auth;
+using Tiku.Application.Commerce;
+using Tiku.Domain.Commerce;
+using Tiku.Domain.Identity;
+using Tiku.Domain.Tenancy;
+using Tiku.Infrastructure.Auth;
+using Tiku.Infrastructure.Persistence;
+
+namespace Tiku.IntegrationTests.Api;
+
+public sealed class TenantCommerceEndpointTests
+{
+    [Fact]
+    public async Task Non_admin_cannot_access_tenant_commerce_operations()
+    {
+        await using var factory = new ApiTestFactory(paymentProviderGateway: new FakePaymentGateway());
+        var seed = await SeedLoginUserAsync(factory, TenantRole.Student);
+        using var client = factory.CreateClient();
+        await LoginAsync(client, seed);
+
+        var response = await client.GetAsync("/api/tenant-commerce/orders");
+
+        Assert.Equal(HttpStatusCode.Forbidden, response.StatusCode);
+    }
+
+    [Fact]
+    public async Task Payment_account_public_config_rejects_secrets()
+    {
+        await using var factory = new ApiTestFactory(paymentProviderGateway: new FakePaymentGateway());
+        var seed = await SeedLoginUserAsync(factory, TenantRole.TenantAdmin);
+        using var client = factory.CreateClient();
+        await LoginAsync(client, seed);
+
+        var response = await client.PutAsJsonAsync(
+            "/api/tenant-commerce/payment-accounts",
+            new UpsertPaymentAccountDto
+            {
+                Provider = "wechat_pay",
+                Status = TenantPaymentAccountStatus.Active,
+                ConfigPublic = JsonSerializer.SerializeToElement(new
+                {
+                    merchantId = "mch",
+                    apiV3Key = "must-not-be-public"
+                })
+            });
+
+        Assert.Equal(HttpStatusCode.BadRequest, response.StatusCode);
+    }
+
+    [Fact]
+    public async Task Admin_can_configure_payment_account_and_secret()
+    {
+        await using var factory = new ApiTestFactory(paymentProviderGateway: new FakePaymentGateway());
+        var seed = await SeedLoginUserAsync(factory, TenantRole.TenantAdmin);
+        using var client = factory.CreateClient();
+        await LoginAsync(client, seed);
+
+        var secretResponse = await client.PutAsJsonAsync(
+            "/api/tenant-commerce/secrets",
+            new UpsertTenantSecretDto
+            {
+                Purpose = "payment",
+                Provider = "wechat_pay",
+                SecretKey = "default",
+                SecretRef = "tenant_secrets:payment:wechat_pay:default",
+                SecretPayload = JsonSerializer.SerializeToElement(new
+                {
+                    privateKey = "pem",
+                    apiV3Key = "v3"
+                })
+            });
+        var accountResponse = await client.PutAsJsonAsync(
+            "/api/tenant-commerce/payment-accounts",
+            new UpsertPaymentAccountDto
+            {
+                Provider = "wechat_pay",
+                Status = TenantPaymentAccountStatus.Active,
+                ConfigPublic = JsonSerializer.SerializeToElement(new
+                {
+                    merchantId = "mch",
+                    secretRef = "tenant_secrets:payment:wechat_pay:default"
+                })
+            });
+        var accountsResponse = await client.GetAsync("/api/tenant-commerce/payment-accounts?provider=wechat_pay");
+
+        Assert.Equal(HttpStatusCode.OK, secretResponse.StatusCode);
+        Assert.DoesNotContain("privateKey", await secretResponse.Content.ReadAsStringAsync(), StringComparison.OrdinalIgnoreCase);
+        Assert.Equal(HttpStatusCode.OK, accountResponse.StatusCode);
+        Assert.Equal(HttpStatusCode.OK, accountsResponse.StatusCode);
+        Assert.Contains("wechat_pay", await accountsResponse.Content.ReadAsStringAsync(), StringComparison.OrdinalIgnoreCase);
+    }
+
+    [Fact]
+    public async Task Admin_can_create_and_redeem_activation_code_batch()
+    {
+        await using var factory = new ApiTestFactory(paymentProviderGateway: new FakePaymentGateway());
+        var seed = await SeedLoginUserAsync(factory, TenantRole.TenantAdmin);
+        using var client = factory.CreateClient();
+        await LoginAsync(client, seed);
+
+        var batchResponse = await client.PostAsJsonAsync(
+            "/api/tenant-commerce/code-batches",
+            new CreateCodeBatchDto
+            {
+                Name = "测试批次",
+                TotalCount = 2,
+                Days = 30
+            });
+        var codesResponse = await client.GetAsync("/api/tenant-commerce/activation-codes?status=unused&limit=5");
+        var codes = await codesResponse.Content.ReadFromJsonAsync<ActivationCodeList>();
+        var code = codes!.Items.First().Code;
+        var redeemResponse = await client.PostAsJsonAsync(
+            "/api/tenant-commerce/activation-codes/redeem",
+            new RedeemActivationCodeDto
+            {
+                Code = code,
+                UserId = seed.UserId
+            });
+
+        Assert.Equal(HttpStatusCode.OK, batchResponse.StatusCode);
+        Assert.Equal(HttpStatusCode.OK, codesResponse.StatusCode);
+        Assert.Equal(2, codes.Items.Count);
+        Assert.Equal(HttpStatusCode.OK, redeemResponse.StatusCode);
+
+        using var scope = factory.Services.CreateScope();
+        var dbContext = scope.ServiceProvider.GetRequiredService<TikuDbContext>();
+        Assert.Contains(dbContext.Entitlements, item =>
+            item.TenantId == seed.TenantId &&
+            item.UserId == seed.UserId &&
+            item.SourceType == "activation_code");
+    }
+
+    private static async Task<LoginSeed> SeedLoginUserAsync(ApiTestFactory factory, TenantRole role)
+    {
+        var tenantId = Guid.NewGuid();
+        var userId = Guid.NewGuid();
+        var phone = "13800000000";
+        var passwordHash = new PasswordHasher().Hash("passw0rd!");
+        await factory.SeedAsync(
+            new Tenant
+            {
+                Id = tenantId,
+                Slug = tenantId.ToString("N"),
+                Name = "Tenant Commerce"
+            },
+            new User
+            {
+                Id = userId,
+                Phone = phone,
+                Name = "Tenant Commerce User"
+            },
+            new TenantMembership
+            {
+                TenantId = tenantId,
+                UserId = userId,
+                Role = role,
+                Status = MembershipStatus.Active
+            },
+            new UserIdentity
+            {
+                UserId = userId,
+                Provider = "password",
+                ProviderSubject = phone,
+                Phone = phone,
+                SecretPayload = CreateSecretPayload(passwordHash)
+            });
+
+        return new LoginSeed(tenantId, userId, phone);
+    }
+
+    private static async Task LoginAsync(HttpClient client, LoginSeed seed)
+    {
+        var loginResponse = await client.PostAsJsonAsync(
+            "/api/auth/login/password",
+            new PasswordLoginDto
+            {
+                TenantId = seed.TenantId,
+                Phone = seed.Phone,
+                Password = "passw0rd!"
+            });
+        loginResponse.EnsureSuccessStatusCode();
+        using var loginJson = await JsonDocument.ParseAsync(await loginResponse.Content.ReadAsStreamAsync());
+        var accessToken = loginJson.RootElement
+            .GetProperty("tokens")
+            .GetProperty("accessToken")
+            .GetString();
+        client.DefaultRequestHeaders.Authorization = new("Bearer", accessToken);
+    }
+
+    private static JsonElement CreateSecretPayload(string passwordHash)
+    {
+        using var document = JsonDocument.Parse(
+            $$"""{"passwordHash":{{JsonSerializer.Serialize(passwordHash)}}}""");
+        return document.RootElement.Clone();
+    }
+
+    private sealed record LoginSeed(Guid TenantId, Guid UserId, string Phone);
+
+    private sealed class FakePaymentGateway : IPaymentProviderGateway
+    {
+        public Task<CreatePaymentProviderResult> CreatePaymentAsync(
+            string provider,
+            CreatePaymentProviderRequest request,
+            CancellationToken cancellationToken = default)
+        {
+            throw new NotSupportedException();
+        }
+
+        public Task<PaymentNotificationResult> ParsePaymentNotificationAsync(
+            string provider,
+            PaymentNotificationRequest request,
+            CancellationToken cancellationToken = default)
+        {
+            throw new NotSupportedException();
+        }
+    }
+}