diff --git a/TeXmacs/plugins/latex/progs/convert/latex/tmtex.scm b/TeXmacs/plugins/latex/progs/convert/latex/tmtex.scm
index f96afe4b9c..d39622f709 100644
--- a/TeXmacs/plugins/latex/progs/convert/latex/tmtex.scm
+++ b/TeXmacs/plugins/latex/progs/convert/latex/tmtex.scm
@@ -1588,10 +1588,10 @@
 
 (define (tmtex-decode-color s . force-html)
   (with cm (if (string-starts? s "#") "HTML" (named-color->xcolormap s))
-    (cond ((and (== cm "none") (nnull? force-html))
+    (cond ((== cm "HTML")
+           (string-append "#" (html-color->latex-xcolor s)))
+          ((and (== cm "none") (nnull? force-html))
            (tmtex-decode-color (get-hex-color s) force-html))
-          ((and (== cm "HTML") (nnull? force-html))
-           `((!option "HTML") ,(html-color->latex-xcolor s)))
           ((== cm "texmacs")
            (when (nin? s tmtex-colors)
              (set! tmtex-colors (append (list s) tmtex-colors)))
@@ -1607,7 +1607,7 @@
 (define (tmtex-make-color val arg)
   (with ltxcolor (tmtex-decode-color val #t)
     (if (list? ltxcolor)
-        `(!group (!append (color ,@ltxcolor) ,arg))
+        `(!group (!append (color ,@ltxcolor) (!group ,arg)))
         `(tmcolor ,ltxcolor ,arg))))
 
 (define (post-process-math-text t)
diff --git a/TeXmacs/progs/convert/latex/tmtex.scm b/TeXmacs/progs/convert/latex/tmtex.scm
index 710626990e..f9ec2cf5ed 100644
--- a/TeXmacs/progs/convert/latex/tmtex.scm
+++ b/TeXmacs/progs/convert/latex/tmtex.scm
@@ -1588,10 +1588,10 @@
 
 (define (tmtex-decode-color s . force-html)
   (with cm (if (string-starts? s "#") "HTML" (named-color->xcolormap s))
-    (cond ((and (== cm "none") (nnull? force-html))
+    (cond ((== cm "HTML")
+           (string-append "#" (html-color->latex-xcolor s)))
+          ((and (== cm "none") (nnull? force-html))
            (tmtex-decode-color (get-hex-color s) force-html))
-          ((and (== cm "HTML") (nnull? force-html))
-           `((!option "HTML") ,(html-color->latex-xcolor s)))
           ((== cm "texmacs")
            (when (nin? s tmtex-colors)
              (set! tmtex-colors (append (list s) tmtex-colors)))
@@ -1607,7 +1607,7 @@
 (define (tmtex-make-color val arg)
   (with ltxcolor (tmtex-decode-color val #t)
     (if (list? ltxcolor)
-        `(!group (!append (color ,@ltxcolor) ,arg))
+        `(!group (!append (color ,@ltxcolor) (!group ,arg)))
         `(tmcolor ,ltxcolor ,arg))))
 
 (define (post-process-math-text t)
diff --git a/TeXmacs/tests/203_27.scm b/TeXmacs/tests/203_27.scm
new file mode 100644
index 0000000000..8739139e2b
--- /dev/null
+++ b/TeXmacs/tests/203_27.scm
@@ -0,0 +1,45 @@
+;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
+;;
+;; MODULE      : 203_27.scm
+;; DESCRIPTION : Unit tests for partial color LaTeX export
+;; COPYRIGHT   : (C) 2026 AcceleratorX
+;;
+;; This software falls under the GNU general public license version 3 or later.
+;; It comes WITHOUT ANY WARRANTY WHATSOEVER. For details, see the file LICENSE
+;; in the root directory or <http://www.gnu.org/licenses/gpl-3.0.html>.
+;;
+;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
+
+(import (liii check))
+
+(check-set-mode! 'report-failed)
+
+(define (normalize-latex latex)
+  (set! latex (string-replace latex "\r\n" "\n"))
+  (set! latex (string-replace latex "\r" ""))
+  (set! latex (string-replace latex "\n" ""))
+  (set! latex (string-replace latex "\t" ""))
+  (string-replace latex " " ""))
+
+(define (test-export-latex-partial-color)
+  (use-modules
+    (data latex)
+    (data tmu))
+  (let* ((tmu-doc (string-load "$TEXMACS_PATH/tests/tmu/203_27.tmu"))
+         (latex (normalize-latex
+                 (texmacs->latex-document (tmu->texmacs tmu-doc) '()))))
+    (check (string-contains? latex "\\color{red}{ddd}") => #t)
+    (check (string-contains? latex
+                             (string-append "\\color{" "#" "AA6666}{ddd}"))
+           => #t)
+    (check (string-contains? latex "\\color{blue}{ddd}") => #t)
+    (check (string-contains? latex
+                             (string-append "\\color[HTML]{" "AA6666}"))
+           => #f)
+    (check (string-contains? latex
+                             (string-append "\\color{" "#" "AA6666}ddd"))
+           => #f)))
+
+(tm-define (test_203_27)
+  (test-export-latex-partial-color)
+  (check-report))
diff --git a/TeXmacs/tests/tmu/203_27.tmu b/TeXmacs/tests/tmu/203_27.tmu
new file mode 100644
index 0000000000..a8302c1a80
--- /dev/null
+++ b/TeXmacs/tests/tmu/203_27.tmu
@@ -0,0 +1,25 @@
+<TMU|<tuple|1.1.0|2026.2.1-rc5>>
+
+<style|<tuple|generic|chinese|table-captions-above|number-europe|preview-ref>>
+
+<\body>
+  <\equation*>
+    <with|color|red|d d d> d d d
+  </equation*>
+
+  <\equation*>
+    <with|color|#a66|d d d>d d d
+  </equation*>
+
+  <\equation*>
+    <with|color|blue|d d d> d d d
+  </equation*>
+
+</body>
+
+<\initial>
+  <\collection>
+    <associate|page-medium|paper>
+    <associate|page-screen-margin|false>
+  </collection>
+</initial>
diff --git a/devel/203_27.md b/devel/203_27.md
new file mode 100644
index 0000000000..ab9e5beb14
--- /dev/null
+++ b/devel/203_27.md
@@ -0,0 +1,22 @@
+# [203_27] 公式带前景色时，使用部分颜色时导出 LaTeX 代码会出错
+
+## 如何测试
+
+1. 打开测试文件 `TeXmacs/tests/tmu/203_27.tmu`，复制其中公式到 LaTeX，预期效果：
+```
+\[ {\color{red}{d d d}} d d d \]
+\[ {\color{#AA6666}{d d d}} d d d \]
+\[ {\color{blue}{d d d}} d d d \]
+```
+
+原本复制到 LaTeX 效果
+```
+\[ {\color{red}{d d d}} d d d \]
+\[ {\color[HTML]{AA6666}d d d} d d d \]
+\[ {\color{blue}{d d d}} d d d \]
+```
+
+2. 集成测试文件在 `TeXmacs/tests/203_27.scm`
+```
+xmake run 203_27
+```
\ No newline at end of file