diff --git a/broker_sync/sinks/wealthfolio.py b/broker_sync/sinks/wealthfolio.py
index adb5305..f82817f 100644
--- a/broker_sync/sinks/wealthfolio.py
+++ b/broker_sync/sinks/wealthfolio.py
@@ -195,9 +195,14 @@ class WealthfolioSink:
         rows = [self._activity_to_import_row(a) for a in activities]
         if not rows:
             return []
-        body = {"activities": rows}
 
-        check = await self._request("POST", _IMPORT_CHECK, json=body)
+        # Step 1 — /import/check hydrates each row with resolved asset_id,
+        # exchange_mic, quote_ccy, instrument_type, quote_mode (and flags
+        # errors). The /import endpoint on Wealthfolio 3.2+ DOES NOT
+        # re-resolve — if we send the un-enriched row the activity is
+        # silently dropped (import returns 200 OK with activities=[] in
+        # the payload). We must feed check's output into import.
+        check = await self._request("POST", _IMPORT_CHECK, json={"activities": rows})
         if check.status_code >= 400:
             try:
                 payload = check.json()
@@ -205,22 +210,25 @@ class WealthfolioSink:
                 payload = {"raw": check.text}
             raise ImportValidationError(f"Wealthfolio /import/check rejected: {payload}")
 
-        # Dry-run may flag per-row errors inside a 200 response.
         checked = check.json()
-        if isinstance(checked, list):
-            bad = [r for r in checked if isinstance(r, dict) and r.get("errors")]
-            if bad:
-                # Show the first few to aid debugging without leaking everything.
-                raise ImportValidationError(
-                    f"Wealthfolio /import/check flagged {len(bad)} rows; "
-                    f"first: {bad[0]}"
-                )
+        if not isinstance(checked, list):
+            raise ImportValidationError(
+                f"Wealthfolio /import/check returned non-list: {type(checked).__name__}"
+            )
 
-        real = await self._request("POST", _IMPORT_REAL, json=body)
+        invalid = [r for r in checked if isinstance(r, dict) and r.get("errors")]
+        if invalid:
+            raise ImportValidationError(
+                f"Wealthfolio /import/check flagged {len(invalid)} row(s); "
+                f"first: {invalid[0]}"
+            )
+        # Drop any row the server marked is_valid=false (shouldn't happen
+        # without errors, but defensive).
+        valid_rows = [r for r in checked if isinstance(r, dict) and r.get("isValid")]
+
+        real = await self._request("POST", _IMPORT_REAL, json={"activities": valid_rows})
         real.raise_for_status()
         raw = real.json()
-        # import_activities returns ImportActivitiesResult which is an object,
-        # but we also accept a list (older versions). Normalise.
         if isinstance(raw, dict) and "activities" in raw:
             got = raw["activities"]
             assert isinstance(got, list)
diff --git a/tests/sinks/test_wealthfolio.py b/tests/sinks/test_wealthfolio.py
index b5e2fb8..f554a19 100644
--- a/tests/sinks/test_wealthfolio.py
+++ b/tests/sinks/test_wealthfolio.py
@@ -218,14 +218,24 @@ async def test_import_dry_run_then_real(tmp_path: Path) -> None:
     async def handler(req: httpx.Request) -> httpx.Response:
         calls.append(req.url.path)
         if req.url.path == "/api/v1/activities/import/check":
-            return httpx.Response(200, json={"ok": True, "rows": 1})
+            # /import/check hydrates and returns a list of ActivityImport.
+            return httpx.Response(200, json=[
+                {
+                    "symbol": "VUAG",
+                    "isValid": True,
+                    "errors": None,
+                    "assetId": "enriched-asset-uuid",
+                    "exchangeMic": "XLON",
+                },
+            ])
         if req.url.path == "/api/v1/activities/import":
             return httpx.Response(
                 200,
-                json=[{
-                    "id": "wf-1",
-                    "external_id": "t212:1"
-                }],
+                json={
+                    "activities": [
+                        {"id": "wf-1", "external_id": "t212:1"},
+                    ],
+                },
             )
         return httpx.Response(500)
 
diff --git a/tests/test_pipeline.py b/tests/test_pipeline.py
index a59b6cd..198e58b 100644
--- a/tests/test_pipeline.py
+++ b/tests/test_pipeline.py
@@ -83,17 +83,21 @@ async def test_pipeline_skips_dedup_then_imports_new(tmp_path: Path) -> None:
                 }],
             )
         if req.url.path == "/api/v1/activities/import/check":
-            return httpx.Response(200, json={"ok": True})
+            body = json.loads(req.content)
+            # Echo each activity back marked valid (mimic Wealthfolio's
+            # hydrate step).
+            return httpx.Response(200, json=[
+                {**a, "isValid": True, "errors": None} for a in body["activities"]
+            ])
         if req.url.path == "/api/v1/activities/import":
             body = req.content.decode()
             posted_batches.append(body)
-            # Echo back external_ids so dedup.record gets the WF activity id.
             return httpx.Response(
                 200,
-                json=[{
-                    "id": f"wf-{i}",
-                    "external_id": ext
-                } for i, ext in enumerate(["a", "b", "c"])],
+                json={"activities": [
+                    {"id": f"wf-{i}", "external_id": ext}
+                    for i, ext in enumerate(["a", "b", "c"])
+                ]},
             )
         return httpx.Response(500)