diff --git a/core/data/src/main/java/com/afternote/core/data/repoimpl/UserReceiverRepositoryImpl.kt b/core/data/src/main/java/com/afternote/core/data/repoimpl/UserReceiverRepositoryImpl.kt
index 8b312b4b96..29b588b632 100644
--- a/core/data/src/main/java/com/afternote/core/data/repoimpl/UserReceiverRepositoryImpl.kt
+++ b/core/data/src/main/java/com/afternote/core/data/repoimpl/UserReceiverRepositoryImpl.kt
@@ -5,6 +5,7 @@ import com.afternote.core.common.result.runCatchingCancellable
 import com.afternote.core.data.mapper.delivery.toRequestDto
 import com.afternote.core.data.mapper.user.toDomain
 import com.afternote.core.domain.error.ReceiverRequestRejectedException
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.domain.repository.UserReceiverRepository
 import com.afternote.core.domain.repository.auth.AuthRepository
 import com.afternote.core.model.delivery.DeliveryConditionItem
@@ -29,6 +30,7 @@ import kotlinx.coroutines.flow.first
 import kotlinx.coroutines.flow.flatMapLatest
 import kotlinx.coroutines.flow.flow
 import kotlinx.coroutines.flow.flowOf
+import kotlinx.coroutines.flow.mapNotNull
 import kotlinx.coroutines.flow.update
 import javax.inject.Inject
 import javax.inject.Singleton
@@ -55,47 +57,54 @@ internal class UserReceiverRepositoryImpl
     ) : UserReceiverRepository {
         private val receiverRefreshRevision = MutableStateFlow(0L)
 
-        // 조회 실패를 예외로 흘리면 구독 중인 화면이 미처리 예외로 죽는다. 일반적인 일시 실패는 같은
-        // 로그인 구간에서 이 collector가 마지막으로 성공한 목록으로 낮춘다. 캐시를 flow 안에 두는 이유는
-        // 저장소 인스턴스보다 수명이 짧은 «로그인 구간 + collector»에 귀속해 계정 사이에 섞이지 않게 하기 위함이다.
         @OptIn(ExperimentalCoroutinesApi::class)
-        override val receiverListFlow: Flow<List<Receiver>> =
+        override val receiverListStateFlow: Flow<ReceiverListState> =
             authRepository.isLoggedIn
                 .distinctUntilChanged()
                 .flatMapLatest { loggedIn ->
                     if (!loggedIn) {
-                        flowOf(emptyList())
+                        flowOf(ReceiverListState.SignedOut)
                     } else {
                         receiverListForAuthenticatedSession()
                     }
                 }
 
-        private fun receiverListForAuthenticatedSession(): Flow<List<Receiver>> =
+        // 기존 소비자는 로딩 중 방출을 받지 않으며 실패 시 같은 구독의 마지막 목록을 받는다.
+        override val receiverListFlow: Flow<List<Receiver>> =
+            receiverListStateFlow.mapNotNull { state ->
+                when (state) {
+                    is ReceiverListState.Loading -> null
+                    is ReceiverListState.Success -> state.receivers
+                    is ReceiverListState.Failure -> state.previousReceivers.orEmpty()
+                    ReceiverListState.SignedOut -> emptyList()
+                }
+            }
+
+        private fun receiverListForAuthenticatedSession(): Flow<ReceiverListState> =
             flow {
-                var lastKnownReceivers = emptyList<Receiver>()
+                // 저장소가 아닌 로그인 구간 + collector에 귀속하여 계정 간 캐시 공유를 막는다.
+                var lastKnownReceivers: List<Receiver>? = null
                 receiverRefreshRevision.collect {
-                    val receivers =
+                    emit(ReceiverListState.Loading(lastKnownReceivers))
+                    val state =
                         runCatchingCancellable { getReceivers() }
-                            .onFailure {
-                                // 이 flow 가 하는 일이 «예외를 삼켜 화면을 살리는 것» 이라, 삼킨 뒤의
-                                // 기록이 이 실패 경로의 유일한 신호다. logcat 은 실기에서 회수되지 않으므로
-                                // 크래시 리포팅 창구로 남긴다. 취소 제외·문구 redaction 은 리포터 정책이 담당한다.
-                                errorReporter.recordFailure(
-                                    throwable = it,
-                                    attributes = mapOf(KEY_STAGE to STAGE_RECEIVER_LIST),
-                                )
-                            }.fold(
-                                onSuccess = { it },
+                            .fold(
+                                onSuccess = { receivers ->
+                                    lastKnownReceivers = receivers
+                                    ReceiverListState.Success(receivers)
+                                },
                                 onFailure = { failure ->
+                                    errorReporter.recordFailure(
+                                        throwable = failure,
+                                        attributes = mapOf(KEY_STAGE to STAGE_RECEIVER_LIST),
+                                    )
                                     if (failure is ApiException && failure.status == UNAUTHORIZED_STATUS) {
-                                        emptyList()
-                                    } else {
-                                        lastKnownReceivers
+                                        lastKnownReceivers = null
                                     }
+                                    ReceiverListState.Failure(lastKnownReceivers)
                                 },
                             )
-                    lastKnownReceivers = receivers
-                    emit(receivers)
+                    emit(state)
                 }
             }
 
diff --git a/core/data/src/test/java/com/afternote/core/data/repoimpl/UserRepositoryImplTest.kt b/core/data/src/test/java/com/afternote/core/data/repoimpl/UserRepositoryImplTest.kt
index 91d255bf3b..dc50c7ffc0 100644
--- a/core/data/src/test/java/com/afternote/core/data/repoimpl/UserRepositoryImplTest.kt
+++ b/core/data/src/test/java/com/afternote/core/data/repoimpl/UserRepositoryImplTest.kt
@@ -1,6 +1,7 @@
 package com.afternote.core.data.repoimpl
 
 import com.afternote.core.common.reporting.ErrorReporter
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.domain.repository.UserReceiverRepository
 import com.afternote.core.domain.repository.UserRepository
 import com.afternote.core.domain.testing.FakeAuthRepository
@@ -28,7 +29,10 @@ import com.afternote.core.network.dto.delivery.ReceiverDeliveryConditionUpdateRe
 import com.afternote.core.network.model.ApiException
 import com.afternote.core.network.model.BaseResponse
 import com.afternote.core.network.service.UserApiService
+import kotlinx.coroutines.CancellationException
+import kotlinx.coroutines.CompletableDeferred
 import kotlinx.coroutines.CoroutineStart
+import kotlinx.coroutines.awaitCancellation
 import kotlinx.coroutines.cancelAndJoin
 import kotlinx.coroutines.channels.Channel
 import kotlinx.coroutines.flow.first
@@ -37,6 +41,7 @@ import kotlinx.coroutines.runBlocking
 import kotlinx.coroutines.withTimeout
 import org.junit.Assert.assertEquals
 import org.junit.Assert.assertThrows
+import org.junit.Assert.assertTrue
 import org.junit.Test
 import java.net.UnknownHostException
 
@@ -464,6 +469,223 @@ class UserRepositoryImplTest {
             }
         }
 
+    @Test
+    fun `receiverListStateFlow - 로딩 뒤 성공한 빈 목록을 명시한다`() =
+        runBlocking {
+            val response = CompletableDeferred<BaseResponse<List<ReceiverListDto>>>()
+            val repository = repository(onGetReceivers = { response.await() })
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                response.complete(dataResponse(emptyList()))
+
+                assertEquals(ReceiverListState.Success(emptyList()), emissions.nextState())
+                assertTrue(errorReporter.writtenFailures.isEmpty())
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    @Test
+    fun `receiverListStateFlow - 첫 실패는 빈 목록 성공과 구별되고 같은 구독에서 재시도한다`() =
+        runBlocking {
+            var requestCount = 0
+            val repository =
+                repository(
+                    onGetReceivers = {
+                        requestCount++
+                        if (requestCount == 1) throw UnknownHostException("첫 조회 실패")
+                        dataResponse(listOf(receiverDto("재시도 성공")))
+                    },
+                )
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                assertEquals(ReceiverListState.Failure(null), emissions.nextState())
+                assertEquals(1, errorReporter.writtenFailures.size)
+
+                val contract: UserReceiverRepository = repository
+                contract.refreshReceiverList()
+
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                val recovered = emissions.nextState() as ReceiverListState.Success
+                assertEquals(listOf("재시도 성공"), recovered.receivers.map { it.name })
+                assertEquals(2, requestCount)
+                assertEquals(1, errorReporter.writtenFailures.size)
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    @Test
+    fun `receiverListStateFlow - 갱신 로딩과 실패에 마지막 성공 목록을 보존한다`() =
+        runBlocking {
+            var requestCount = 0
+            val repository =
+                repository(
+                    onGetReceivers = {
+                        requestCount++
+                        if (requestCount > 1) throw UnknownHostException("갱신 실패")
+                        dataResponse(listOf(receiverDto("기존 수신자")))
+                    },
+                )
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                val loaded = emissions.nextState() as ReceiverListState.Success
+                assertEquals(listOf("기존 수신자"), loaded.receivers.map { it.name })
+
+                repository.refreshReceiverList()
+
+                assertEquals(ReceiverListState.Loading(loaded.receivers), emissions.nextState())
+                assertEquals(ReceiverListState.Failure(loaded.receivers), emissions.nextState())
+                assertEquals(2, requestCount)
+                assertEquals(1, errorReporter.writtenFailures.size)
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    @Test
+    fun `receiverListStateFlow - 401 뒤에는 다음 로딩과 일시 실패에도 폐기한 캐시를 내지 않는다`() =
+        runBlocking {
+            var requestCount = 0
+            val repository =
+                repository(
+                    onGetReceivers = {
+                        requestCount++
+                        when (requestCount) {
+                            1 -> dataResponse(listOf(receiverDto("권한이 끝난 계정")))
+                            2 -> throw ApiException(401, 401, "인증 만료", "인증 만료")
+                            else -> throw UnknownHostException("401 이후 네트워크 실패")
+                        }
+                    },
+                )
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                val loaded = emissions.nextState() as ReceiverListState.Success
+                assertEquals(listOf("권한이 끝난 계정"), loaded.receivers.map { it.name })
+
+                repository.refreshReceiverList()
+
+                assertEquals(ReceiverListState.Loading(loaded.receivers), emissions.nextState())
+                assertEquals(ReceiverListState.Failure(null), emissions.nextState())
+
+                repository.refreshReceiverList()
+
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                assertEquals(ReceiverListState.Failure(null), emissions.nextState())
+                assertEquals(3, requestCount)
+                assertEquals(2, errorReporter.writtenFailures.size)
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    @Test
+    fun `receiverListStateFlow - 로그아웃과 새 로그인 사이에 이전 계정 캐시를 격리한다`() =
+        runBlocking {
+            var requestCount = 0
+            val authRepository = receiverAuthRepository(loggedIn = true)
+            val repository =
+                repository(
+                    authRepository = authRepository,
+                    onGetReceivers = {
+                        requestCount++
+                        if (requestCount > 1) throw UnknownHostException("새 계정 조회 실패")
+                        dataResponse(listOf(receiverDto("이전 계정 수신자")))
+                    },
+                )
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                val loaded = emissions.nextState() as ReceiverListState.Success
+                assertEquals(listOf("이전 계정 수신자"), loaded.receivers.map { it.name })
+
+                authRepository.loggedIn = false
+
+                assertEquals(ReceiverListState.SignedOut, emissions.nextState())
+                assertEquals(1, requestCount)
+
+                authRepository.loggedIn = true
+
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                assertEquals(ReceiverListState.Failure(null), emissions.nextState())
+                assertEquals(2, requestCount)
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    @Test
+    fun `receiverListStateFlow - 수집 취소를 API에 전파하고 실패 상태와 리포트를 만들지 않는다`() =
+        runBlocking {
+            val requestStarted = CompletableDeferred<Unit>()
+            val cancelledRequest = CompletableDeferred<CancellationException>()
+            val repository =
+                repository(
+                    onGetReceivers = {
+                        requestStarted.complete(Unit)
+                        try {
+                            awaitCancellation()
+                        } catch (cancellation: CancellationException) {
+                            cancelledRequest.complete(cancellation)
+                            throw cancellation
+                        }
+                    },
+                )
+            val emissions = Channel<ReceiverListState>(capacity = Channel.UNLIMITED)
+            val collector =
+                launch(start = CoroutineStart.UNDISPATCHED) {
+                    repository.receiverListStateFlow.collect { emissions.send(it) }
+                }
+
+            try {
+                assertEquals(ReceiverListState.Loading(null), emissions.nextState())
+                withTimeout(TEST_TIMEOUT_MILLIS) { requestStarted.await() }
+                val cancellation = CancellationException("화면 수집 종료")
+
+                collector.cancel(cancellation)
+                withTimeout(TEST_TIMEOUT_MILLIS) { collector.join() }
+
+                val propagated = withTimeout(TEST_TIMEOUT_MILLIS) { cancelledRequest.await() }
+                assertEquals(cancellation.message, propagated.message)
+                assertTrue(collector.isCancelled)
+                assertTrue(emissions.tryReceive().isFailure)
+                assertTrue(errorReporter.writtenFailures.isEmpty())
+            } finally {
+                collector.cancelAndJoin()
+            }
+        }
+
+    private suspend fun Channel<ReceiverListState>.nextState(): ReceiverListState = withTimeout(TEST_TIMEOUT_MILLIS) { receive() }
+
     private fun receiverAuthRepository(loggedIn: Boolean): FakeAuthRepository =
         FakeAuthRepository.strict(loggedIn = loggedIn).apply {
             onIsLoggedIn = { loggedInState }
diff --git a/core/domain/src/main/java/com/afternote/core/domain/model/ReceiverListState.kt b/core/domain/src/main/java/com/afternote/core/domain/model/ReceiverListState.kt
new file mode 100644
index 0000000000..b0522284b2
--- /dev/null
+++ b/core/domain/src/main/java/com/afternote/core/domain/model/ReceiverListState.kt
@@ -0,0 +1,22 @@
+package com.afternote.core.domain.model
+
+import com.afternote.core.model.user.Receiver
+
+/** 수신자 목록의 조회 결과. 캐시는 로그인 구간과 구독에 귀속된다. */
+sealed interface ReceiverListState {
+    /** null은 이 구독에서 아직 성공한 조회가 없다는 뜻이다. */
+    data class Loading(
+        val previousReceivers: List<Receiver>?,
+    ) : ReceiverListState
+
+    data class Success(
+        val receivers: List<Receiver>,
+    ) : ReceiverListState
+
+    /** 401은 이전 목록을 폐기한다. 원래 실패는 데이터 계층의 ErrorReporter가 기록한다. */
+    data class Failure(
+        val previousReceivers: List<Receiver>?,
+    ) : ReceiverListState
+
+    data object SignedOut : ReceiverListState
+}
diff --git a/core/domain/src/main/java/com/afternote/core/domain/repository/UserReceiverRepository.kt b/core/domain/src/main/java/com/afternote/core/domain/repository/UserReceiverRepository.kt
index 77080cba55..9095c0bef0 100644
--- a/core/domain/src/main/java/com/afternote/core/domain/repository/UserReceiverRepository.kt
+++ b/core/domain/src/main/java/com/afternote/core/domain/repository/UserReceiverRepository.kt
@@ -1,5 +1,6 @@
 package com.afternote.core.domain.repository
 
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.model.delivery.DeliveryConditionItem
 import com.afternote.core.model.delivery.ReceiverDeliveryConditions
 import com.afternote.core.model.user.Receiver
@@ -20,10 +21,13 @@ interface UserReceiverRepository {
      *
      * **빈 목록은 «수신인이 없음» 을 뜻하지 않는다 — 실패도 같은 모양으로 들어온다.** 화면이 이 값만 보고
      * «등록된 수신인이 없어요» 를 확정하면 오프라인에서 그 거짓을 사용자에게 보여 주게 된다. 실패와 없음을
-     * 가르려면 별도 신호가 필요하고, 그 표기는 #714 범위다.
+     * 가르려면 [receiverListStateFlow]를 사용한다.
      */
     val receiverListFlow: Flow<List<Receiver>>
 
+    /** 로딩·실패·실제 빈 목록을 구분하며, 기존 목록 전용 구독과 같은 갱신 신호를 사용한다. */
+    val receiverListStateFlow: Flow<ReceiverListState>
+
     /**
      * 현재 구독 중인 수신자 목록을 다시 조회하도록 요청한다. 조회 결과와 세션별 실패 처리는
      * [receiverListFlow] 계약을 따르며, 새 구독은 이 호출 없이도 최신 목록을 조회한다.
diff --git a/core/domain/src/testFixtures/kotlin/com/afternote/core/domain/testing/FakeUserReceiverRepository.kt b/core/domain/src/testFixtures/kotlin/com/afternote/core/domain/testing/FakeUserReceiverRepository.kt
index 1de30c816e..342f4de91c 100644
--- a/core/domain/src/testFixtures/kotlin/com/afternote/core/domain/testing/FakeUserReceiverRepository.kt
+++ b/core/domain/src/testFixtures/kotlin/com/afternote/core/domain/testing/FakeUserReceiverRepository.kt
@@ -1,5 +1,6 @@
 package com.afternote.core.domain.testing
 
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.domain.repository.UserReceiverRepository
 import com.afternote.core.model.delivery.DeliveryConditionItem
 import com.afternote.core.model.delivery.ReceiverDeliveryConditions
@@ -8,6 +9,7 @@ import com.afternote.core.model.user.ReceiverCreated
 import com.afternote.core.model.user.ReceiverDetail
 import kotlinx.coroutines.flow.Flow
 import kotlinx.coroutines.flow.MutableStateFlow
+import kotlinx.coroutines.flow.map
 import java.util.concurrent.ConcurrentHashMap
 import java.util.concurrent.CopyOnWriteArrayList
 import java.util.concurrent.atomic.AtomicInteger
@@ -32,6 +34,7 @@ class FakeUserReceiverRepository(
     var onGetReceiverDeliveryConditions: (suspend (Long) -> ReceiverDeliveryConditions)? = null,
     var onUpdateReceiverDeliveryConditions: (suspend (Long, List<DeliveryConditionItem>) -> ReceiverDeliveryConditions)? = null,
     var onRefreshReceiverList: (() -> Unit)? = null,
+    var onReceiverListStateFlow: (() -> Flow<ReceiverListState>)? = null,
 ) : UserReceiverRepository {
     val receiverState = MutableStateFlow(receivers.toList())
     val receiverDetails = ConcurrentHashMap(receiverDetails)
@@ -69,6 +72,9 @@ class FakeUserReceiverRepository(
         onRefreshReceiverList?.invoke()
     }
 
+    override val receiverListStateFlow: Flow<ReceiverListState>
+        get() = onReceiverListStateFlow?.invoke() ?: receiverListFlow.map(ReceiverListState::Success)
+
     override suspend fun getReceivers(): List<Receiver> {
         getReceiversCounter.incrementAndGet()
         onGetReceivers?.let { return it() }
diff --git a/core/ui/src/main/kotlin/com/afternote/core/ui/receiver/ReceiverSelectScreen.kt b/core/ui/src/main/kotlin/com/afternote/core/ui/receiver/ReceiverSelectScreen.kt
index a8b2736ecd..8bcc7dede2 100644
--- a/core/ui/src/main/kotlin/com/afternote/core/ui/receiver/ReceiverSelectScreen.kt
+++ b/core/ui/src/main/kotlin/com/afternote/core/ui/receiver/ReceiverSelectScreen.kt
@@ -8,6 +8,7 @@ import androidx.compose.foundation.layout.fillMaxHeight
 import androidx.compose.foundation.layout.fillMaxSize
 import androidx.compose.foundation.layout.padding
 import androidx.compose.foundation.lazy.LazyColumn
+import androidx.compose.foundation.lazy.LazyListState
 import androidx.compose.foundation.lazy.items
 import androidx.compose.foundation.lazy.rememberLazyListState
 import androidx.compose.foundation.text.input.rememberTextFieldState
@@ -165,6 +166,8 @@ private fun ReceiverSelectScaffold(
                     .padding(top = 10.dp),
         ) {
             val searchState = rememberTextFieldState()
+            // 로딩 슬롯이 목록을 잠시 대체해도 기존 스크롤 위치는 화면 수명 동안 유지한다.
+            val listState = rememberLazyListState()
 
             AfternoteTextField(
                 state = searchState,
@@ -179,6 +182,7 @@ private fun ReceiverSelectScaffold(
                 ReceiverSelectList(
                     receivers = receivers,
                     searchQuery = searchState.text.toString(),
+                    listState = listState,
                     selectedReceiverIds = selectedReceiverIds,
                     onReceiverToggle = onReceiverToggle,
                 )
@@ -191,10 +195,10 @@ private fun ReceiverSelectScaffold(
 private fun ReceiverSelectList(
     receivers: List<ReceiverSelectItem>,
     searchQuery: String,
+    listState: LazyListState,
     selectedReceiverIds: List<Long>,
     onReceiverToggle: (Long) -> Unit,
 ) {
-    val listState = rememberLazyListState()
     val coroutineScope = rememberCoroutineScope()
     var selectedConsonant by remember { mutableStateOf<Char?>(null) }
 
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/navigation/SettingNavHost.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/navigation/SettingNavHost.kt
index fb219d9b83..65cf11471c 100644
--- a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/navigation/SettingNavHost.kt
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/navigation/SettingNavHost.kt
@@ -25,8 +25,7 @@ import com.afternote.feature.setting.presentation.screen.PassKeyScreen
 import com.afternote.feature.setting.presentation.screen.ProfileEditScreen
 import com.afternote.feature.setting.presentation.screen.PushNotificationScreen
 import com.afternote.feature.setting.presentation.screen.ReceiverEditScreen
-import com.afternote.feature.setting.presentation.screen.ReceiverListScreen
-import com.afternote.feature.setting.presentation.screen.ReceiverManageScreen
+import com.afternote.feature.setting.presentation.screen.ReceiverListRouteContent
 import com.afternote.feature.setting.presentation.screen.ReceiverRegisterScreen
 import com.afternote.feature.setting.presentation.screen.SettingScreen
 import com.afternote.feature.setting.presentation.screen.WithdrawConfirmScreen
@@ -141,21 +140,16 @@ public fun SettingNavHost(
                         viewModel.onIntent(ReceiverListIntent.ObservationStarted)
                         onStopOrDispose { viewModel.onIntent(ReceiverListIntent.ObservationStopped) }
                     }
-                    if (route.selectForDeliveryConditions) {
-                        ReceiverListScreen(
-                            receivers = uiState.receivers,
-                            onBackClick = actions::popBack,
-                            onConfirmClick = { receiver ->
-                                actions.onDeliveryConditionsRecipientSelected(receiver.receiverId)
-                            },
-                        )
-                    } else {
-                        ReceiverManageScreen(
-                            receivers = uiState.receivers,
-                            onBackClick = actions::popBack,
-                            onReceiverClick = actions::onRecipientEditClick,
-                        )
-                    }
+                    ReceiverListRouteContent(
+                        uiState = uiState,
+                        selectForDeliveryConditions = route.selectForDeliveryConditions,
+                        onBackClick = actions::popBack,
+                        onRetry = { viewModel.onIntent(ReceiverListIntent.Retry) },
+                        onConfirmClick = { receiver ->
+                            actions.onDeliveryConditionsRecipientSelected(receiver.receiverId)
+                        },
+                        onReceiverClick = actions::onRecipientEditClick,
+                    )
                 }
 
                 entry<SettingRoute.RecipientRegisterRoute> {
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListRouteContent.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListRouteContent.kt
new file mode 100644
index 0000000000..5f8b9b8d7f
--- /dev/null
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListRouteContent.kt
@@ -0,0 +1,94 @@
+package com.afternote.feature.setting.presentation.screen
+
+import androidx.compose.foundation.layout.Box
+import androidx.compose.foundation.layout.Column
+import androidx.compose.foundation.layout.fillMaxSize
+import androidx.compose.foundation.layout.fillMaxWidth
+import androidx.compose.foundation.layout.padding
+import androidx.compose.material3.LinearProgressIndicator
+import androidx.compose.material3.Text
+import androidx.compose.material3.TextButton
+import androidx.compose.runtime.Composable
+import androidx.compose.ui.Alignment
+import androidx.compose.ui.Modifier
+import androidx.compose.ui.res.stringResource
+import androidx.compose.ui.unit.dp
+import com.afternote.core.model.setting.ReceiverListItem
+import com.afternote.core.ui.loading.LoadingBody
+import com.afternote.feature.setting.presentation.R
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListLoadState
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListUiState
+
+/** 조회 상태는 선택·관리 두 진입에서 동일하게 소비하고, 성공 시 기존 화면 동작을 유지한다. */
+@Composable
+internal fun ReceiverListRouteContent(
+    uiState: ReceiverListUiState,
+    selectForDeliveryConditions: Boolean,
+    onBackClick: () -> Unit,
+    onRetry: () -> Unit,
+    onConfirmClick: (ReceiverListItem) -> Unit,
+    onReceiverClick: (Long) -> Unit,
+    modifier: Modifier = Modifier,
+) {
+    val isInitialLoading = uiState.loadState == ReceiverListLoadState.Loading && uiState.receivers.isEmpty()
+    val listReplacement: (@Composable () -> Unit)? =
+        if (isInitialLoading || uiState.loadState == ReceiverListLoadState.InitialFailure) {
+            {
+                Box(Modifier.fillMaxSize(), contentAlignment = Alignment.Center) {
+                    if (isInitialLoading) {
+                        LoadingBody()
+                    } else {
+                        ReceiverListRetry(onRetry = onRetry)
+                    }
+                }
+            }
+        } else {
+            null
+        }
+
+    Column(modifier = modifier.fillMaxSize()) {
+        Box(Modifier.weight(1f)) {
+            if (selectForDeliveryConditions) {
+                ReceiverListScreen(
+                    receivers = uiState.receivers,
+                    onBackClick = onBackClick,
+                    onConfirmClick = onConfirmClick,
+                    listReplacement = listReplacement,
+                )
+            } else {
+                ReceiverManageScreen(
+                    receivers = uiState.receivers,
+                    onBackClick = onBackClick,
+                    onReceiverClick = onReceiverClick,
+                    listReplacement = listReplacement,
+                )
+            }
+        }
+        when (uiState.loadState) {
+            ReceiverListLoadState.Loading -> {
+                if (!isInitialLoading) LinearProgressIndicator(Modifier.fillMaxWidth())
+            }
+
+            ReceiverListLoadState.RefreshFailure -> {
+                ReceiverListRetry(onRetry = onRetry)
+            }
+
+            ReceiverListLoadState.Ready, ReceiverListLoadState.InitialFailure -> {
+                Unit
+            }
+        }
+    }
+}
+
+@Composable
+private fun ReceiverListRetry(onRetry: () -> Unit) {
+    Column(
+        modifier = Modifier.fillMaxWidth().padding(16.dp),
+        horizontalAlignment = Alignment.CenterHorizontally,
+    ) {
+        Text(stringResource(R.string.setting_receiver_list_load_failed))
+        TextButton(onClick = onRetry) {
+            Text(stringResource(R.string.setting_receiver_list_retry))
+        }
+    }
+}
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListScreen.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListScreen.kt
index 390421ebce..4b91b2365e 100644
--- a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListScreen.kt
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListScreen.kt
@@ -21,11 +21,12 @@ import com.afternote.core.ui.receiver.ReceiverSelectScreen
  * 시의 선택 플로우에만 쓰인다.
  */
 @Composable
-fun ReceiverListScreen(
+internal fun ReceiverListScreen(
     receivers: List<ReceiverListItem>,
     onBackClick: () -> Unit,
     onConfirmClick: (ReceiverListItem) -> Unit,
     modifier: Modifier = Modifier,
+    listReplacement: (@Composable () -> Unit)? = null,
 ) {
     var selectedId by remember { mutableStateOf<Long?>(null) }
 
@@ -37,7 +38,7 @@ fun ReceiverListScreen(
             remember(receivers) {
                 receivers.map { ReceiverSelectItem(id = it.receiverId, name = it.name, relation = it.relation) }
             },
-        selectedReceiverId = selectedId,
+        selectedReceiverId = selectedId?.takeIf { id -> receivers.any { it.receiverId == id } },
         onReceiverToggle = { receiverId ->
             selectedId = if (selectedId == receiverId) null else receiverId
         },
@@ -46,5 +47,6 @@ fun ReceiverListScreen(
             receivers.find { it.receiverId == receiverId }?.let(onConfirmClick)
         },
         modifier = modifier,
+        listReplacement = listReplacement,
     )
 }
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverManageScreen.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverManageScreen.kt
index adc1a5137e..629481da18 100644
--- a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverManageScreen.kt
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverManageScreen.kt
@@ -1,11 +1,13 @@
 package com.afternote.feature.setting.presentation.screen
 
 import androidx.compose.foundation.Image
+import androidx.compose.foundation.layout.Box
 import androidx.compose.foundation.layout.fillMaxSize
 import androidx.compose.foundation.layout.padding
 import androidx.compose.foundation.layout.size
 import androidx.compose.foundation.lazy.LazyColumn
 import androidx.compose.foundation.lazy.items
+import androidx.compose.foundation.lazy.rememberLazyListState
 import androidx.compose.material3.Scaffold
 import androidx.compose.runtime.Composable
 import androidx.compose.ui.Modifier
@@ -26,12 +28,14 @@ import com.afternote.feature.setting.presentation.R
  * 다루는 관리 화면으로, 행 탭이 곧바로 수신자 수정 화면(#595)으로 이동한다.
  */
 @Composable
-fun ReceiverManageScreen(
+internal fun ReceiverManageScreen(
     receivers: List<ReceiverListItem>,
     onBackClick: () -> Unit,
     onReceiverClick: (Long) -> Unit,
     modifier: Modifier = Modifier,
+    listReplacement: (@Composable () -> Unit)? = null,
 ) {
+    val listState = rememberLazyListState()
     Scaffold(
         modifier = modifier,
         containerColor = Color.Transparent,
@@ -42,18 +46,24 @@ fun ReceiverManageScreen(
             )
         },
     ) { innerPadding ->
-        LazyColumn(
-            modifier =
-                Modifier
-                    .fillMaxSize()
-                    .padding(innerPadding)
-                    .padding(horizontal = 20.dp),
-        ) {
-            items(receivers, key = { it.receiverId }) { receiver ->
-                ReceiverManageRow(
-                    receiver = receiver,
-                    onClick = { onReceiverClick(receiver.receiverId) },
-                )
+        Box(Modifier.fillMaxSize().padding(innerPadding)) {
+            if (listReplacement != null) {
+                listReplacement()
+            } else {
+                LazyColumn(
+                    state = listState,
+                    modifier =
+                        Modifier
+                            .fillMaxSize()
+                            .padding(horizontal = 20.dp),
+                ) {
+                    items(receivers, key = { it.receiverId }) { receiver ->
+                        ReceiverManageRow(
+                            receiver = receiver,
+                            onClick = { onReceiverClick(receiver.receiverId) },
+                        )
+                    }
+                }
             }
         }
     }
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListContract.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListContract.kt
index 80f6856170..7413f8cda7 100644
--- a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListContract.kt
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListContract.kt
@@ -1,5 +1,6 @@
 package com.afternote.feature.setting.presentation.viewmodel
 
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.model.setting.ReceiverListItem
 import com.afternote.core.ui.mvi.MviIntent
 import com.afternote.core.ui.mvi.ReducerEvent
@@ -8,15 +9,22 @@ import com.afternote.core.ui.mvi.UiState
 internal sealed interface ReceiverListIntent : MviIntent {
     data object ObservationStarted : ReceiverListIntent
 
+    data object Retry : ReceiverListIntent
+
     data object ObservationStopped : ReceiverListIntent
 }
 
 internal data class ReceiverListUiState(
     val receivers: List<ReceiverListItem> = emptyList(),
+    val loadState: ReceiverListLoadState = ReceiverListLoadState.Loading,
 ) : UiState
 
+internal enum class ReceiverListLoadState { Loading, Ready, InitialFailure, RefreshFailure }
+
 internal sealed interface ReceiverListReducerEvent : ReducerEvent {
-    data class ReceiversChanged(
-        val receivers: List<ReceiverListItem>,
+    data object RetryStarted : ReceiverListReducerEvent
+
+    data class ResultChanged(
+        val result: ReceiverListState,
     ) : ReceiverListReducerEvent
 }
diff --git a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModel.kt b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModel.kt
index 36f8c83e14..75ea729a02 100644
--- a/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModel.kt
+++ b/feature/setting/presentation/src/main/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModel.kt
@@ -1,6 +1,7 @@
 package com.afternote.feature.setting.presentation.viewmodel
 
 import androidx.lifecycle.viewModelScope
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.domain.repository.UserReceiverRepository
 import com.afternote.core.model.setting.ReceiverListItem
 import com.afternote.core.ui.mvi.MviViewModel
@@ -16,14 +17,28 @@ internal class ReceiverListViewModel
     constructor(
         private val userRepository: UserReceiverRepository,
     ) : MviViewModel<ReceiverListIntent, ReceiverListUiState, ReceiverListReducerEvent>(ReceiverListUiState()) {
-        private val receivers = userRepository.receiverListFlow
+        private val receivers = userRepository.receiverListStateFlow
         private var observationJob: Job? = null
         private var stopJob: Job? = null
 
         override fun onIntent(intent: ReceiverListIntent) {
             when (intent) {
-                ReceiverListIntent.ObservationStarted -> startObservation()
-                ReceiverListIntent.ObservationStopped -> stopObservation()
+                ReceiverListIntent.ObservationStarted -> {
+                    startObservation()
+                }
+
+                ReceiverListIntent.ObservationStopped -> {
+                    stopObservation()
+                }
+
+                ReceiverListIntent.Retry -> {
+                    if (currentState.loadState == ReceiverListLoadState.InitialFailure ||
+                        currentState.loadState == ReceiverListLoadState.RefreshFailure
+                    ) {
+                        dispatch(ReceiverListReducerEvent.RetryStarted)
+                        userRepository.refreshReceiverList()
+                    }
+                }
             }
         }
 
@@ -32,7 +47,41 @@ internal class ReceiverListViewModel
             event: ReceiverListReducerEvent,
         ): ReceiverListUiState =
             when (event) {
-                is ReceiverListReducerEvent.ReceiversChanged -> state.copy(receivers = event.receivers)
+                ReceiverListReducerEvent.RetryStarted -> {
+                    state.copy(loadState = ReceiverListLoadState.Loading)
+                }
+
+                is ReceiverListReducerEvent.ResultChanged -> {
+                    val result = event.result
+                    val receivers =
+                        when (result) {
+                            is ReceiverListState.Loading -> result.previousReceivers.orEmpty()
+                            is ReceiverListState.Success -> result.receivers
+                            is ReceiverListState.Failure -> result.previousReceivers.orEmpty()
+                            ReceiverListState.SignedOut -> emptyList()
+                        }
+                    ReceiverListUiState(
+                        receivers = receivers.map { ReceiverListItem(it.receiverId, it.name, it.relation) },
+                        loadState =
+                            when (result) {
+                                is ReceiverListState.Loading, ReceiverListState.SignedOut -> {
+                                    ReceiverListLoadState.Loading
+                                }
+
+                                is ReceiverListState.Success -> {
+                                    ReceiverListLoadState.Ready
+                                }
+
+                                is ReceiverListState.Failure -> {
+                                    if (result.previousReceivers == null) {
+                                        ReceiverListLoadState.InitialFailure
+                                    } else {
+                                        ReceiverListLoadState.RefreshFailure
+                                    }
+                                }
+                            },
+                    )
+                }
             }
 
         private fun startObservation() {
@@ -47,11 +96,7 @@ internal class ReceiverListViewModel
             observationJob =
                 viewModelScope.launch {
                     receivers.collect { receivers ->
-                        dispatch(
-                            ReceiverListReducerEvent.ReceiversChanged(
-                                receivers.map { ReceiverListItem(it.receiverId, it.name, it.relation) },
-                            ),
-                        )
+                        dispatch(ReceiverListReducerEvent.ResultChanged(receivers))
                     }
                 }
         }
diff --git a/feature/setting/presentation/src/main/res/values/strings.xml b/feature/setting/presentation/src/main/res/values/strings.xml
index edbe58f905..3c46605c99 100644
--- a/feature/setting/presentation/src/main/res/values/strings.xml
+++ b/feature/setting/presentation/src/main/res/values/strings.xml
@@ -167,4 +167,6 @@
     <string name="receiver_load_failed">수신자 정보를 불러오지 못했습니다.</string>
     <string name="settings_menu_unavailable">현재 이 메뉴는 이용할 수 없습니다.</string>
     <string name="settings_menu_acknowledge">확인</string>
+    <string name="setting_receiver_list_load_failed">수신자 목록을 불러오지 못했어요.</string>
+    <string name="setting_receiver_list_retry">다시 시도</string>
 </resources>
diff --git a/feature/setting/presentation/src/screenshotTest/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTest.kt b/feature/setting/presentation/src/screenshotTest/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTest.kt
new file mode 100644
index 0000000000..921c71fa4c
--- /dev/null
+++ b/feature/setting/presentation/src/screenshotTest/kotlin/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTest.kt
@@ -0,0 +1,112 @@
+package com.afternote.feature.setting.presentation.screen
+
+import androidx.compose.runtime.Composable
+import androidx.compose.ui.tooling.preview.Preview
+import com.afternote.core.model.setting.ReceiverListItem
+import com.afternote.core.ui.theme.AfternoteTheme
+import com.afternote.feature.setting.presentation.COMPACT_DEVICE_SPEC
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListLoadState
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListUiState
+import com.android.tools.screenshot.PreviewTest
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverListInitialLoadingScreenshot() {
+    ReceiverListStateScreenshotContent(loadState = ReceiverListLoadState.Loading)
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverManageInitialFailureScreenshot() {
+    ReceiverListStateScreenshotContent(loadState = ReceiverListLoadState.InitialFailure)
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverSelectInitialFailureScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.InitialFailure,
+        selectForDeliveryConditions = true,
+    )
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverManageRefreshFailureScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.RefreshFailure,
+        receivers = receiverListScreenshotItems,
+    )
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverSelectRefreshFailureScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.RefreshFailure,
+        selectForDeliveryConditions = true,
+        receivers = receiverListScreenshotItems,
+    )
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverManageReadyScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.Ready,
+        receivers = receiverListScreenshotItems,
+    )
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC)
+@Composable
+internal fun receiverSelectReadyScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.Ready,
+        selectForDeliveryConditions = true,
+        receivers = receiverListScreenshotItems,
+    )
+}
+
+@PreviewTest
+@Preview(showBackground = true, device = COMPACT_DEVICE_SPEC, fontScale = 1.5f)
+@Composable
+internal fun receiverSelectRefreshFailureLargeFontScreenshot() {
+    ReceiverListStateScreenshotContent(
+        loadState = ReceiverListLoadState.RefreshFailure,
+        selectForDeliveryConditions = true,
+        receivers = receiverListScreenshotItems,
+    )
+}
+
+@Composable
+private fun ReceiverListStateScreenshotContent(
+    loadState: ReceiverListLoadState,
+    selectForDeliveryConditions: Boolean = false,
+    receivers: List<ReceiverListItem> = emptyList(),
+) {
+    AfternoteTheme {
+        ReceiverListRouteContent(
+            uiState = ReceiverListUiState(receivers = receivers, loadState = loadState),
+            selectForDeliveryConditions = selectForDeliveryConditions,
+            onBackClick = {},
+            onRetry = {},
+            onConfirmClick = {},
+            onReceiverClick = {},
+        )
+    }
+}
+
+private val receiverListScreenshotItems =
+    listOf(
+        ReceiverListItem(receiverId = 1L, name = "김서연", relation = "가족"),
+        ReceiverListItem(receiverId = 2L, name = "박지훈", relation = "친구"),
+        ReceiverListItem(receiverId = 3L, name = "이하늘", relation = "연인"),
+    )
diff --git a/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverListInitialLoadingScreenshot_c2abd7e6_0.png b/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverListInitialLoadingScreenshot_c2abd7e6_0.png
new file mode 100644
index 0000000000..f9cb1e0a01
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diff --git a/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageInitialFailureScreenshot_c2abd7e6_0.png b/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageInitialFailureScreenshot_c2abd7e6_0.png
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diff --git a/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageReadyScreenshot_c2abd7e6_0.png b/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageReadyScreenshot_c2abd7e6_0.png
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diff --git a/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageRefreshFailureScreenshot_c2abd7e6_0.png b/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverManageRefreshFailureScreenshot_c2abd7e6_0.png
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diff --git a/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverSelectInitialFailureScreenshot_c2abd7e6_0.png b/feature/setting/presentation/src/screenshotTestDebug/reference/com/afternote/feature/setting/presentation/screen/ReceiverListStateScreenshotTestKt/receiverSelectInitialFailureScreenshot_c2abd7e6_0.png
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diff --git a/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/ReceiverListRouteContentTest.kt b/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/ReceiverListRouteContentTest.kt
new file mode 100644
index 0000000000..b17620e444
--- /dev/null
+++ b/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/ReceiverListRouteContentTest.kt
@@ -0,0 +1,137 @@
+package com.afternote.feature.setting.presentation
+
+import androidx.compose.runtime.mutableStateOf
+import androidx.compose.ui.semantics.Role
+import androidx.compose.ui.semantics.SemanticsProperties
+import androidx.compose.ui.test.SemanticsMatcher
+import androidx.compose.ui.test.assertIsDisplayed
+import androidx.compose.ui.test.assertIsNotEnabled
+import androidx.compose.ui.test.hasScrollToIndexAction
+import androidx.compose.ui.test.junit4.v2.createComposeRule
+import androidx.compose.ui.test.onNodeWithContentDescription
+import androidx.compose.ui.test.onNodeWithText
+import androidx.compose.ui.test.performClick
+import androidx.compose.ui.test.performScrollToIndex
+import androidx.compose.ui.test.performTextInput
+import com.afternote.core.model.setting.ReceiverListItem
+import com.afternote.core.ui.theme.AfternoteTheme
+import com.afternote.feature.setting.presentation.screen.ReceiverListRouteContent
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListLoadState
+import com.afternote.feature.setting.presentation.viewmodel.ReceiverListUiState
+import org.junit.Assert.assertEquals
+import org.junit.Rule
+import org.junit.Test
+import org.junit.runner.RunWith
+import org.robolectric.RobolectricTestRunner
+import org.robolectric.annotation.Config
+import org.robolectric.annotation.GraphicsMode
+
+@RunWith(RobolectricTestRunner::class)
+@GraphicsMode(GraphicsMode.Mode.NATIVE)
+@Config(sdk = [35])
+class ReceiverListRouteContentTest {
+    @get:Rule val composeRule = createComposeRule()
+    private val receivers = listOf(ReceiverListItem(7L, "김수신", "가족"), ReceiverListItem(8L, "박친구", "친구"))
+
+    @Test
+    fun initialFailure_providesRetryAndBackWithoutShowingEmptySuccess() {
+        var retries = 0
+        var backs = 0
+        composeRule.setContent {
+            AfternoteTheme {
+                ReceiverListRouteContent(
+                    uiState = ReceiverListUiState(loadState = ReceiverListLoadState.InitialFailure),
+                    selectForDeliveryConditions = false,
+                    onBackClick = { backs++ },
+                    onRetry = { retries++ },
+                    onConfirmClick = {},
+                    onReceiverClick = {},
+                )
+            }
+        }
+        composeRule.onNodeWithText("수신자 목록을 불러오지 못했어요.").assertIsDisplayed()
+        composeRule.onNodeWithText("다시 시도").performClick()
+        composeRule.onNodeWithContentDescription("뒤로가기").performClick()
+        assertEquals(1, retries)
+        assertEquals(1, backs)
+    }
+
+    @Test
+    fun refreshFailure_keepsManagementRowsAndRetryClickable() {
+        var selected: Long? = null
+        var retries = 0
+        composeRule.setContent {
+            AfternoteTheme {
+                ReceiverListRouteContent(
+                    uiState = ReceiverListUiState(receivers, ReceiverListLoadState.RefreshFailure),
+                    selectForDeliveryConditions = false,
+                    onBackClick = {},
+                    onRetry = { retries++ },
+                    onConfirmClick = {},
+                    onReceiverClick = { selected = it },
+                )
+            }
+        }
+        composeRule.onNodeWithText("박친구").performClick()
+        composeRule.onNodeWithText("다시 시도").performClick()
+        assertEquals(8L, selected)
+        assertEquals(1, retries)
+    }
+
+    @Test
+    fun resubscriptionLoading_preservesSearchAndSelectionButDisablesStaleConfirmation() {
+        val state = mutableStateOf(ReceiverListUiState(receivers, ReceiverListLoadState.Ready))
+        var confirmed: Long? = null
+        composeRule.setContent {
+            AfternoteTheme {
+                ReceiverListRouteContent(
+                    uiState = state.value,
+                    selectForDeliveryConditions = true,
+                    onBackClick = {},
+                    onRetry = {},
+                    onConfirmClick = { confirmed = it.receiverId },
+                    onReceiverClick = {},
+                )
+            }
+        }
+        composeRule.onNodeWithText("이름으로 검색하기").performTextInput("김")
+        composeRule.onAllNodes(SemanticsMatcher.expectValue(SemanticsProperties.Role, Role.Checkbox))[0].performClick()
+        composeRule.runOnIdle { state.value = ReceiverListUiState(loadState = ReceiverListLoadState.Loading) }
+        composeRule.onNodeWithText("수신자 선택 완료하기").assertIsNotEnabled()
+        composeRule.onNodeWithText("김수신").assertDoesNotExist()
+        composeRule.runOnIdle { state.value = ReceiverListUiState(receivers, ReceiverListLoadState.Ready) }
+        composeRule.onNodeWithText("김수신").assertIsDisplayed()
+        composeRule.onNodeWithText("박친구").assertDoesNotExist()
+        composeRule.onNodeWithText("수신자 선택 완료하기").performClick()
+        assertEquals(7L, confirmed)
+    }
+
+    @Test
+    fun selectionList_resubscriptionPreservesScrollPosition() = assertScrollPreserved(selecting = true)
+
+    @Test
+    fun managementList_resubscriptionPreservesScrollPosition() = assertScrollPreserved(selecting = false)
+
+    private fun assertScrollPreserved(selecting: Boolean) {
+        val longList = (0..49).map { ReceiverListItem(it.toLong(), "가수신%02d".format(it), "친구") }
+        val state = mutableStateOf(ReceiverListUiState(longList, ReceiverListLoadState.Ready))
+        composeRule.setContent {
+            AfternoteTheme {
+                ReceiverListRouteContent(
+                    uiState = state.value,
+                    selectForDeliveryConditions = selecting,
+                    onBackClick = {},
+                    onRetry = {},
+                    onConfirmClick = {},
+                    onReceiverClick = {},
+                )
+            }
+        }
+        composeRule.onAllNodes(hasScrollToIndexAction())[0].performScrollToIndex(35)
+        composeRule.onNodeWithText("가수신35").assertIsDisplayed()
+        composeRule.runOnIdle { state.value = ReceiverListUiState(loadState = ReceiverListLoadState.Loading) }
+        composeRule.onNodeWithText("가수신35").assertDoesNotExist()
+        composeRule.runOnIdle { state.value = ReceiverListUiState(longList, ReceiverListLoadState.Ready) }
+        composeRule.onNodeWithText("가수신35").assertIsDisplayed()
+    }
+}
diff --git a/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModelTest.kt b/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModelTest.kt
index 4bbb8f1cfe..245ddeee2e 100644
--- a/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModelTest.kt
+++ b/feature/setting/presentation/src/test/kotlin/com/afternote/feature/setting/presentation/viewmodel/ReceiverListViewModelTest.kt
@@ -1,6 +1,7 @@
 package com.afternote.feature.setting.presentation.viewmodel
 
 import androidx.lifecycle.ViewModelStore
+import com.afternote.core.domain.model.ReceiverListState
 import com.afternote.core.domain.testing.FakeUserReceiverRepository
 import com.afternote.core.model.setting.ReceiverListItem
 import com.afternote.core.model.user.Receiver
@@ -180,6 +181,84 @@ class ReceiverListViewModelTest {
             assertEquals(1, cancellations)
         }
 
+    @Test
+    fun `최초 로딩과 성공한 실제 빈 목록은 다른 상태다`() =
+        runTest(dispatcher) {
+            val results = MutableStateFlow<ReceiverListState>(ReceiverListState.Loading(null))
+            val viewModel = stateViewModel(results)
+            viewModel.onIntent(ReceiverListIntent.ObservationStarted)
+            runCurrent()
+            assertEquals(ReceiverListLoadState.Loading, viewModel.uiState.value.loadState)
+
+            results.value = ReceiverListState.Success(emptyList())
+            runCurrent()
+            assertEquals(ReceiverListLoadState.Ready, viewModel.uiState.value.loadState)
+            assertEquals(emptyList<ReceiverListItem>(), viewModel.uiState.value.receivers)
+        }
+
+    @Test
+    fun `첫 조회 실패와 빈 목록 갱신 실패를 구분한다`() =
+        runTest(dispatcher) {
+            val results = MutableStateFlow<ReceiverListState>(ReceiverListState.Failure(null))
+            val viewModel = stateViewModel(results)
+            viewModel.onIntent(ReceiverListIntent.ObservationStarted)
+            runCurrent()
+            assertEquals(ReceiverListLoadState.InitialFailure, viewModel.uiState.value.loadState)
+
+            results.value = ReceiverListState.Failure(emptyList())
+            runCurrent()
+            assertEquals(ReceiverListLoadState.RefreshFailure, viewModel.uiState.value.loadState)
+        }
+
+    @Test
+    fun `갱신 실패는 마지막 목록을 유지하고 중복 재시도를 하나로 합친다`() =
+        runTest(dispatcher) {
+            val results = MutableStateFlow<ReceiverListState>(ReceiverListState.Failure(receivers.value))
+            val viewModel = stateViewModel(results)
+            viewModel.onIntent(ReceiverListIntent.ObservationStarted)
+            runCurrent()
+            assertEquals(ReceiverListLoadState.RefreshFailure, viewModel.uiState.value.loadState)
+            assertEquals(listOf(ReceiverListItem(7L, "김수신", "가족")), viewModel.uiState.value.receivers)
+
+            viewModel.onIntent(ReceiverListIntent.Retry)
+            viewModel.onIntent(ReceiverListIntent.Retry)
+            assertEquals(1, refreshes)
+            assertEquals(ReceiverListLoadState.Loading, viewModel.uiState.value.loadState)
+            assertEquals(listOf(ReceiverListItem(7L, "김수신", "가족")), viewModel.uiState.value.receivers)
+
+            results.value = ReceiverListState.Success(receivers.value)
+            runCurrent()
+            assertEquals(ReceiverListLoadState.Ready, viewModel.uiState.value.loadState)
+        }
+
+    @Test
+    fun `인증 종료와 캐시 없는 실패는 이전 목록을 지운다`() =
+        runTest(dispatcher) {
+            val results = MutableStateFlow<ReceiverListState>(ReceiverListState.Success(receivers.value))
+            val viewModel = stateViewModel(results)
+            viewModel.onIntent(ReceiverListIntent.ObservationStarted)
+            runCurrent()
+
+            results.value = ReceiverListState.Failure(null)
+            runCurrent()
+            assertEquals(emptyList<ReceiverListItem>(), viewModel.uiState.value.receivers)
+            assertEquals(ReceiverListLoadState.InitialFailure, viewModel.uiState.value.loadState)
+
+            results.value = ReceiverListState.SignedOut
+            runCurrent()
+            assertEquals(emptyList<ReceiverListItem>(), viewModel.uiState.value.receivers)
+            assertEquals(ReceiverListLoadState.Loading, viewModel.uiState.value.loadState)
+        }
+
+    private fun stateViewModel(results: MutableStateFlow<ReceiverListState>): ReceiverListViewModel {
+        val repository =
+            FakeUserReceiverRepository.strict().apply {
+                onReceiverListStateFlow = { results }
+                onRefreshReceiverList = { refreshes++ }
+            }
+        return ReceiverListViewModel(repository).also { store.put("receiver-list", it) }
+    }
+
     private fun viewModel(): ReceiverListViewModel {
         val repository =
             FakeUserReceiverRepository.strict().apply {