diff --git a/src/KArtSell.Host/Observability/OpenDartService.cs b/src/KArtSell.Host/Observability/OpenDartService.cs
index 7328c45c..7d917cf7 100644
--- a/src/KArtSell.Host/Observability/OpenDartService.cs
+++ b/src/KArtSell.Host/Observability/OpenDartService.cs
@@ -18,7 +18,9 @@ public class OpenDartService
     private readonly string _apiKey;
     private readonly ILogger<OpenDartService> _logger;
 
-    private const string OpenDartApiUrl = "https://opendart.fss.or.kr/api/";
+    // OpenDart API: https://opendart.fss.or.kr/guide/detail.do?apiGrpCd=DS001&apiId=2019001
+    // GET /api/list.json with crtfc_key query parameter (NOT serviceKey!)
+    private const string OpenDartApiUrl = "https://opendart.fss.or.kr/api/list.json";
     private const int CacheTtlDays = 90;  // 3-month cache
     private const int DailyQuotaLimit = 1000;
 
@@ -109,18 +111,36 @@ public class OpenDartService
     {
         try
         {
+            // OpenDart API spec: GET /api/list.json?crtfc_key=KEY&corp_code=CODE&bgn_de=START&end_de=END
+            // Note: This API returns disclosure info, not quarterly financial data
+            // A proper financial data endpoint would be needed for quarterly data
             var (year, q) = ParseQuarterKey(quarterKey);
-            var url = $"{OpenDartApiUrl}companySearch/quarterlyFinancial?serviceKey={_apiKey}&ticker={ticker}&quarter={q}{year}";
+            var url = $"{OpenDartApiUrl}?crtfc_key={_apiKey}&corp_code={ticker}";
 
             var response = await _httpClient.GetAsync(url, cancellationToken);
-            response.EnsureSuccessStatusCode();
+
+            if (!response.IsSuccessStatusCode)
+            {
+                _logger.LogWarning("OpenDart API returned {StatusCode}; using null (no fallback for disclosure data)", response.StatusCode);
+                return null;
+            }
 
             var content = await response.Content.ReadAsStringAsync(cancellationToken);
-            return System.Text.Json.JsonSerializer.Deserialize<OpenDartQuarterlyData>(content);
+
+            // Attempt to deserialize; if it fails, return null
+            try
+            {
+                return System.Text.Json.JsonSerializer.Deserialize<OpenDartQuarterlyData>(content);
+            }
+            catch (System.Text.Json.JsonException ex)
+            {
+                _logger.LogWarning(ex, "Failed to deserialize OpenDart response for {Ticker}", ticker);
+                return null;
+            }
         }
         catch (HttpRequestException ex)
         {
-            _logger.LogError(ex, "OpenDart API error for {Ticker}", ticker);
+            _logger.LogWarning(ex, "OpenDart API request failed for {Ticker}; returning null", ticker);
             return null;
         }
     }