diff --git a/packages/compiler-sfc/__tests__/templateTransformAssetUrl.spec.ts b/packages/compiler-sfc/__tests__/templateTransformAssetUrl.spec.ts
index a1f62f43a3c..0bbbf57a08c 100644
--- a/packages/compiler-sfc/__tests__/templateTransformAssetUrl.spec.ts
+++ b/packages/compiler-sfc/__tests__/templateTransformAssetUrl.spec.ts
@@ -114,6 +114,12 @@ describe('compiler sfc: transform asset url', () => {
     expect(code).toMatch(`"xlink:href": "#myCircle"`)
   })
 
+  // #9919
+  test('should transform subpath import paths', () => {
+    const { code } = compileWithAssetUrls(`<img src="#src/assets/vue.svg" />`)
+    expect(code).toContain(`_imports_0 from '#src/assets/vue.svg'`)
+  })
+
   test('should allow for full base URLs, with paths', () => {
     const { code } = compileWithAssetUrls(`<img src="./logo.png" />`, {
       base: 'http://localhost:3000/src/',
diff --git a/packages/compiler-sfc/src/template/templateUtils.ts b/packages/compiler-sfc/src/template/templateUtils.ts
index c1414d1ecbd..9e579fcdb67 100644
--- a/packages/compiler-sfc/src/template/templateUtils.ts
+++ b/packages/compiler-sfc/src/template/templateUtils.ts
@@ -3,7 +3,12 @@ import { isString } from '@vue/shared'
 
 export function isRelativeUrl(url: string): boolean {
   const firstChar = url.charAt(0)
-  return firstChar === '.' || firstChar === '~' || firstChar === '@'
+  return (
+    firstChar === '.' ||
+    firstChar === '~' ||
+    firstChar === '@' ||
+    firstChar === '#'
+  )
 }
 
 const externalRE = /^(https?:)?\/\//
diff --git a/packages/compiler-sfc/src/template/transformAssetUrl.ts b/packages/compiler-sfc/src/template/transformAssetUrl.ts
index 6291e21bbba..ee409d5c8c9 100644
--- a/packages/compiler-sfc/src/template/transformAssetUrl.ts
+++ b/packages/compiler-sfc/src/template/transformAssetUrl.ts
@@ -101,13 +101,19 @@ export const transformAssetUrl: NodeTransform = (
 
     const assetAttrs = (attrs || []).concat(wildCardAttrs || [])
     node.props.forEach((attr, index) => {
+      const isHashFragment =
+        node.tag === 'use' &&
+        attr.type === NodeTypes.ATTRIBUTE &&
+        (attr.name === 'href' || attr.name === 'xlink:href') &&
+        attr.value?.content[0] === '#'
+
       if (
         attr.type !== NodeTypes.ATTRIBUTE ||
         !assetAttrs.includes(attr.name) ||
         !attr.value ||
         isExternalUrl(attr.value.content) ||
         isDataUrl(attr.value.content) ||
-        attr.value.content[0] === '#' ||
+        isHashFragment ||
         (!options.includeAbsolute && !isRelativeUrl(attr.value.content))
       ) {
         return
@@ -147,70 +153,110 @@ export const transformAssetUrl: NodeTransform = (
   }
 }
 
+/**
+ * Resolves or registers an import for the given source path
+ * @param source - Path to resolve import for
+ * @param loc - Source location
+ * @param context - Transform context
+ * @returns Object containing import name and expression
+ */
+function resolveOrRegisterImport(
+  source: string,
+  loc: SourceLocation,
+  context: TransformContext,
+): {
+  name: string
+  exp: SimpleExpressionNode
+} {
+  const existingIndex = context.imports.findIndex(i => i.path === source)
+  if (existingIndex > -1) {
+    return {
+      name: `_imports_${existingIndex}`,
+      exp: context.imports[existingIndex].exp as SimpleExpressionNode,
+    }
+  }
+
+  const name = `_imports_${context.imports.length}`
+  const exp = createSimpleExpression(
+    name,
+    false,
+    loc,
+    ConstantTypes.CAN_STRINGIFY,
+  )
+
+  // We need to ensure the path is not encoded (to %2F),
+  // so we decode it back in case it is encoded
+  context.imports.push({
+    exp,
+    path: decodeURIComponent(source),
+  })
+
+  return { name, exp }
+}
+
+/**
+ * Transforms asset URLs into import expressions or string literals
+ */
 function getImportsExpressionExp(
   path: string | null,
   hash: string | null,
   loc: SourceLocation,
   context: TransformContext,
 ): ExpressionNode {
-  if (path) {
-    let name: string
-    let exp: SimpleExpressionNode
-    const existingIndex = context.imports.findIndex(i => i.path === path)
-    if (existingIndex > -1) {
-      name = `_imports_${existingIndex}`
-      exp = context.imports[existingIndex].exp as SimpleExpressionNode
-    } else {
-      name = `_imports_${context.imports.length}`
-      exp = createSimpleExpression(
-        name,
-        false,
-        loc,
-        ConstantTypes.CAN_STRINGIFY,
-      )
-
-      // We need to ensure the path is not encoded (to %2F),
-      // so we decode it back in case it is encoded
-      context.imports.push({
-        exp,
-        path: decodeURIComponent(path),
-      })
-    }
+  // Neither path nor hash - return empty string
+  if (!path && !hash) {
+    return createSimpleExpression(`''`, false, loc, ConstantTypes.CAN_STRINGIFY)
+  }
 
-    if (!hash) {
-      return exp
-    }
+  // Only hash without path - treat hash as the import source (likely a subpath import)
+  if (!path && hash) {
+    const { exp } = resolveOrRegisterImport(hash, loc, context)
+    return exp
+  }
+
+  // Only path without hash - straightforward import
+  if (path && !hash) {
+    const { exp } = resolveOrRegisterImport(path, loc, context)
+    return exp
+  }
+
+  // At this point, we know we have both path and hash components
+  const { name } = resolveOrRegisterImport(path!, loc, context)
+
+  // Combine path import with hash
+  const hashExp = `${name} + '${hash}'`
+  const finalExp = createSimpleExpression(
+    hashExp,
+    false,
+    loc,
+    ConstantTypes.CAN_STRINGIFY,
+  )
+
+  // No hoisting needed
+  if (!context.hoistStatic) {
+    return finalExp
+  }
 
-    const hashExp = `${name} + '${hash}'`
-    const finalExp = createSimpleExpression(
-      hashExp,
+  // Check for existing hoisted expression
+  const existingHoistIndex = context.hoists.findIndex(h => {
+    return (
+      h &&
+      h.type === NodeTypes.SIMPLE_EXPRESSION &&
+      !h.isStatic &&
+      h.content === hashExp
+    )
+  })
+
+  // Return existing hoisted expression if found
+  if (existingHoistIndex > -1) {
+    return createSimpleExpression(
+      `_hoisted_${existingHoistIndex + 1}`,
       false,
       loc,
       ConstantTypes.CAN_STRINGIFY,
     )
-
-    if (!context.hoistStatic) {
-      return finalExp
-    }
-
-    const existingHoistIndex = context.hoists.findIndex(h => {
-      return (
-        h &&
-        h.type === NodeTypes.SIMPLE_EXPRESSION &&
-        !h.isStatic &&
-        h.content === hashExp
-      )
-    })
-    if (existingHoistIndex > -1) {
-      return createSimpleExpression(
-        `_hoisted_${existingHoistIndex + 1}`,
-        false,
-        loc,
-        ConstantTypes.CAN_STRINGIFY,
-      )
-    }
-    return context.hoist(finalExp)
-  } else {
-    return createSimpleExpression(`''`, false, loc, ConstantTypes.CAN_STRINGIFY)
   }
+
+  // Hoist the expression and return the hoisted expression
+  return context.hoist(finalExp)
 }