diff --git a/packages/compiler/src/frontend/npm-static-bundled-esm.test.ts b/packages/compiler/src/frontend/npm-static-bundled-esm.test.ts
index ea1c22ce5..caea3c366 100644
--- a/packages/compiler/src/frontend/npm-static-bundled-esm.test.ts
+++ b/packages/compiler/src/frontend/npm-static-bundled-esm.test.ts
@@ -152,6 +152,38 @@ test("minified initializers sharing a var statement lower the same way", () => {
   );
 });
 
+test("memoized lazy loaders sharing a var statement lower together", () => {
+  const lowered = expectSameBehavior(`${helpers}var a_exports = {};
+__export(a_exports, { v: () => v });
+var v, init_a = __esm({ "a.ts"() { console.log("a init"); v = 1; } });
+var b_exports = {};
+__export(b_exports, { default: () => w });
+var w, init_b = __esm({ "b.ts"() { console.log("b init"); w = 2; } });
+var nsA, loadA = () => nsA ??= (init_a(), __toCommonJS(a_exports)), nsB, loadB = () => nsB ??= __toESM((init_b(), __toCommonJS(b_exports)));
+console.log(loadA().v, loadB().default, loadA().v);
+`);
+  expect(lowered).not.toContain("loadA");
+  expect(lowered).not.toContain("loadB");
+});
+
+test("calls through a memoized lazy loader keep the receiver rule", () => {
+  const source = (use: string): string => `${helpers}var w_exports = {};
+__export(w_exports, { who: () => who, plain: () => plain });
+function who() { return this.__esModule; }
+function plain(x) { return "plain " + x; }
+var init_w = __esm({ "w.ts"() {} });
+var ns, load = () => ns ??= (init_w(), __toCommonJS(w_exports));
+console.log(${use});
+`;
+  expect(lower(source("load().who()"))).toEqual({
+    degrade: expect.stringContaining(
+      "calls only of exported functions that do not read 'this'",
+    ) as string,
+  });
+  const lowered = expectSameBehavior(source("load().plain(1), (load().plain)(2)"));
+  expect(lowered).not.toContain("load()");
+});
+
 test.each([
   ["is asynchronous", `var init_a = __esm({ async "a.ts"() { await 0; } });\ninit_a();`],
   [
diff --git a/packages/compiler/src/frontend/npm-static-bundled-esm.ts b/packages/compiler/src/frontend/npm-static-bundled-esm.ts
index f38d4117d..53564d787 100644
--- a/packages/compiler/src/frontend/npm-static-bundled-esm.ts
+++ b/packages/compiler/src/frontend/npm-static-bundled-esm.ts
@@ -480,7 +480,6 @@ export function lowerBundledEsmInits(
     edits.push(...h.edits);
     for (const d of h.declarators) deadDeclarators.add(d);
   }
-  edits.push(...removeDeclarators(sf, deadDeclarators));
 
   /* Namespaces of lazily initialized modules read through members. */
   let mainTarget: string | null = null;
@@ -531,6 +530,17 @@ export function lowerBundledEsmInits(
   };
   const getterText = (value: ts.Expression): string =>
     applyEdits(source, value.getStart(sf), value.getEnd(), edits);
+  /** A call through the namespace (`ns.fn()`, `L().fn()`) passes the object
+   * the read came from as `this`; the lowered object differs from Node's
+   * module object (`__esModule`, property attributes), so it must stay
+   * unobservable: the callee is a top-level function that never reads
+   * `this`. */
+  const receiverHidden = (values: ReadonlyMap<string, ts.Expression>, name: string): boolean => {
+    const value = values.get(name);
+    if (value === undefined || !ts.isIdentifier(value) || !stable(value.text)) return false;
+    const decl = top.get(value.text)?.node;
+    return decl !== undefined && ts.isFunctionDeclaration(decl) && !readsThis(decl);
+  };
 
   /* Memoized lazy loaders of those namespaces, `L = () => M ??= NS` (a
    * bundle plugin's lazy re-exports): every `L().name` becomes the
@@ -595,7 +605,7 @@ export function lowerBundledEsmInits(
     const table = tables.get(target);
     if (table === undefined) continue;
     const loaderWhy = {
-      degrade: `its memoized lazy loader '${name}' returns the namespace of a bundled ES module as a value, a module object the static rewrite cannot represent (only member reads of its result compile)`,
+      degrade: `its memoized lazy loader '${name}' returns the namespace of a bundled ES module as a value, a module object the static rewrite cannot represent (only member reads of its result compile, and calls only of exported functions that do not read 'this')`,
     };
     const memo = memoize.left.text;
     const memoDecl = top.get(memo)?.node;
@@ -643,6 +653,10 @@ export function lowerBundledEsmInits(
       const member = (access as ts.PropertyAccessExpression).name.text;
       const value = entries.get(member);
       if (value === undefined || shadowed(access, table.entries)) return loaderWhy;
+      // The rewrite reads the export without the namespace object, so a
+      // call through it (`L().fn()`) loses its receiver.
+      if (calledWithReceiver(access as ts.Expression) && !receiverHidden(entries, member))
+        return loaderWhy;
       const init = initCall === null ? "" : `${initCall.getText(sf)}, `;
       edits.push({
         start: access.getStart(sf),
@@ -650,7 +664,7 @@ export function lowerBundledEsmInits(
         text: `(${init}${getterText(value)})`,
       });
     }
-    edits.push(...removeDeclarators(sf, new Set([d, memoDecl])));
+    deadDeclarators.add(d).add(memoDecl);
     loaderSpans.push({ start: d.getStart(sf), end: d.getEnd() });
     lowered.add(target);
   }
@@ -695,24 +709,13 @@ export function lowerBundledEsmInits(
       else break;
     }
     const values = new Map(table.entries);
-    // A call through the namespace (`ns.fn()`) passes the object the read
-    // came from as `this`; the lowered object differs from Node's module
-    // object (`__esModule`, property attributes), so it must stay
-    // unobservable: the callee is a top-level function that never reads
-    // `this`.
-    const receiverHidden = (name: string): boolean => {
-      const value = values.get(name);
-      if (value === undefined || !ts.isIdentifier(value) || !stable(value.text)) return false;
-      const decl = top.get(value.text)?.node;
-      return decl !== undefined && ts.isFunctionDeclaration(decl) && !readsThis(decl);
-    };
     const memberRead = (access: ts.Node | undefined, of: ts.Node): boolean =>
       access !== undefined &&
       ts.isPropertyAccessExpression(access) &&
       access.expression === of &&
       values.has(access.name.text) &&
       plainRead(access) &&
-      (!calledWithReceiver(access) || receiverHidden(access.name.text));
+      (!calledWithReceiver(access) || receiverHidden(values, access.name.text));
     const holder = ns.parent;
     // `__reExport(main, ns, module.exports)`: a star re-export of the
     // module into the bundle's own exports (`export * from` in its entry).
@@ -823,8 +826,12 @@ export function lowerBundledEsmInits(
     )
       return { degrade: ESM_SHAPE_DEGRADE };
     edits.push({ start: table.stmt.getStart(sf), end: table.stmt.getEnd(), text: "" });
-    edits.push(...removeDeclarators(sf, new Set([decl])));
+    deadDeclarators.add(decl);
   }
+  // Every removed declarator in one pass: declarators of one statement
+  // removed separately would leave overlapping edits, and applyEdits keeps
+  // only the first of them.
+  edits.push(...removeDeclarators(sf, deadDeclarators));
 
   /* The run-once closures. */
   for (const init of inits.values()) {
diff --git a/packages/compiler/src/frontend/npm-static-cjs-exports-alias.test.ts b/packages/compiler/src/frontend/npm-static-cjs-exports-alias.test.ts
new file mode 100644
index 000000000..c3704ea29
--- /dev/null
+++ b/packages/compiler/src/frontend/npm-static-cjs-exports-alias.test.ts
@@ -0,0 +1,81 @@
+import { spawnSync } from "node:child_process";
+import { mkdtempSync, rmSync, writeFileSync } from "node:fs";
+import { tmpdir } from "node:os";
+import { join } from "node:path";
+import { afterAll, expect, test } from "vitest";
+import { nodeFrontendServices } from "./services-node.js";
+
+const dirs: string[] = [];
+afterAll(() => {
+  for (const dir of dirs) rmSync(dir, { recursive: true, force: true });
+});
+
+function rewrite(source: string): string | null {
+  return nodeFrontendServices().cjsFunctionExports(source, "/pkg/index.js");
+}
+
+function run(file: string) {
+  const result = spawnSync(process.execPath, [file], { encoding: "utf8" });
+  return { status: result.status, stdout: result.stdout, stderr: result.stderr };
+}
+
+/** The rewritten module prints what the original prints. */
+function expectSameBehavior(source: string): string {
+  const result = rewrite(source);
+  expect(typeof result).toBe("string");
+  const dir = mkdtempSync(join(tmpdir(), "scriptc-cjs-function-exports-"));
+  dirs.push(dir);
+  const original = join(dir, "original.cjs");
+  const rewritten = join(dir, "rewritten.cjs");
+  writeFileSync(original, source);
+  writeFileSync(rewritten, result as string);
+  const oracle = run(original);
+  expect(oracle.status).toBe(0);
+  expect(run(rewritten)).toEqual(oracle);
+  return result as string;
+}
+
+const report = `
+console.log(typeof module.exports, module.exports === Version, Object.keys(Version).join(","));
+`;
+
+test("members of a function export object read and write the function", () => {
+  const rewritten = expectSameBehavior(`exports = module.exports = Version;
+exports.parse = parse;
+module.exports.major = (v) => parse(v)[0];
+function Version(v) { return { v }; }
+function parse(v) { return v.split(".").map(Number); }
+console.log(exports.major("2.1.0"), module.exports.parse("1.2").length);
+${report}`);
+  expect(rewritten).toContain("Version.parse = parse");
+  expect(rewritten).not.toContain("exports = module.exports");
+});
+
+test.each([
+  ["a parameter", "function inner(Version) { return exports.parse; }"],
+  ["a local", "function inner() { const Version = {}; return exports.parse; }"],
+  ["a nested function", "function inner() { function Version() {} return exports.parse; }"],
+  [
+    "a catch binding",
+    "function inner() { try { throw 0; } catch (Version) { return exports.parse; } }",
+  ],
+])("a nested binding of the function's name (%s) keeps the module as it is", (_, inner) => {
+  expect(
+    rewrite(`exports = module.exports = Version;
+exports.parse = parse;
+function Version() {}
+function parse() {}
+${inner}
+`),
+  ).toBeNull();
+});
+
+test("an `exports` shorthand property keeps its key", () => {
+  const rewritten = expectSameBehavior(`exports = module.exports = Version;
+exports.tag = "v";
+function Version() {}
+const holder = { exports };
+console.log(Object.keys(holder).join(","), holder.exports === Version, holder.exports.tag);
+${report}`);
+  expect(rewritten).toContain("{ exports: Version }");
+});
diff --git a/packages/compiler/src/frontend/npm-static-cjs-exports-alias.ts b/packages/compiler/src/frontend/npm-static-cjs-exports-alias.ts
index c88c9949e..dfe45b862 100644
--- a/packages/compiler/src/frontend/npm-static-cjs-exports-alias.ts
+++ b/packages/compiler/src/frontend/npm-static-cjs-exports-alias.ts
@@ -15,12 +15,14 @@
  * runs and nothing replaces the export object again: the statement is a
  * top-level statement preceded only by inert declarations, it is the
  * file's only write of `module.exports` and `exports`, the function is a
- * top-level declaration nothing reassigns, and `exports`/`module` are the
- * CommonJS globals (never declared in the file). Other shapes answer
+ * top-level declaration nothing reassigns and the file's only binding of
+ * its name, and `exports`/`module` are the CommonJS globals (never
+ * declared in the file). Other shapes answer
  * null and keep their existing treatment. */
 import * as ts from "./ts7/syntax.js";
 import {
   applyEdits,
+  countDeclarations,
   declaredNames,
   isWritten,
   references,
@@ -105,7 +107,10 @@ export function normalizeCjsFunctionExports(sf: ts.SourceFile): string | null {
   const fnDecls = stmts.filter(
     (st) => ts.isFunctionDeclaration(st) && st.name?.text === fnName && st.body !== undefined,
   );
-  if (fnDecls.length !== 1) return null;
+  // The respelled reads name the function from wherever they sit, so no
+  // other binding of its name (a parameter, a local, a nested function)
+  // may exist anywhere in the file.
+  if (fnDecls.length !== 1 || countDeclarations(sf, fnName) !== 1) return null;
 
   const edits: Edit[] = [];
   let unsafe = false;
@@ -131,7 +136,14 @@ export function normalizeCjsFunctionExports(sf: ts.SourceFile): string | null {
         unsafe = true;
         continue;
       }
-      edits.push({ start: r.getStart(sf), end: r.getEnd(), text: fnName });
+      // `{ exports }` keeps its key: the shorthand spells out the value.
+      const shorthand =
+        r.parent !== undefined && ts.isShorthandPropertyAssignment(r.parent) && r.parent.name === r;
+      edits.push({
+        start: r.getStart(sf),
+        end: r.getEnd(),
+        text: shorthand ? `exports: ${fnName}` : fnName,
+      });
       continue;
     }
     if (r.text === "module") {