diff --git a/source/Handlebars.Test/Issues/Issue543Tests.cs b/source/Handlebars.Test/Issues/Issue543Tests.cs
new file mode 100644
index 00000000..6c1ae250
--- /dev/null
+++ b/source/Handlebars.Test/Issues/Issue543Tests.cs
@@ -0,0 +1,26 @@
+using Xunit;
+
+namespace HandlebarsDotNet.Test
+{
+    public class Issue543Tests
+    {
+        [Fact]
+        public void Subexpression_WriteSafeString_NotDoubleEncoded()
+        {
+            var h = Handlebars.Create();
+            h.RegisterHelper("func2", (writer, ctx, args) => writer.WriteSafeString("<b>bold</b>"));
+            h.RegisterHelper("func1", (writer, ctx, args) => writer.WriteSafeString($"<span>{args[0]}</span>"));
+            var result = h.Compile("{{func1 (func2)}}")(new { });
+            Assert.Equal("<span><b>bold</b></span>", result);
+        }
+
+        [Fact]
+        public void Standalone_WriteSafeString_NotEncoded()
+        {
+            var h = Handlebars.Create();
+            h.RegisterHelper("func2", (writer, ctx, args) => writer.WriteSafeString("<b>bold</b>"));
+            var result = h.Compile("{{func2}}")(new { });
+            Assert.Equal("<b>bold</b>", result);
+        }
+    }
+}
diff --git a/source/Handlebars/Compiler/Translation/Expression/PartialBinder.cs b/source/Handlebars/Compiler/Translation/Expression/PartialBinder.cs
index 57467832..354be2ad 100644
--- a/source/Handlebars/Compiler/Translation/Expression/PartialBinder.cs
+++ b/source/Handlebars/Compiler/Translation/Expression/PartialBinder.cs
@@ -12,6 +12,12 @@ internal class PartialBinder : HandlebarsExpressionVisitor
     {
         private static string SpecialPartialBlockName = "@partial-block";
 
+        private static string ToPartialName(object value)
+        {
+            if (value is SafeString safe) return safe.Value;
+            return (string) value;
+        }
+
         private CompilationContext CompilationContext { get; }
         
         public PartialBinder(CompilationContext compilationContext)
@@ -46,7 +52,8 @@ protected override Expression VisitPartialExpression(PartialExpression pex)
                     bindingContext = bindingContext.Call(o => o.CreateChildContext(value, partialTemplate));
                 }
 
-                var partialName = Cast<string>(pex.PartialName);
+                var partialNameObj = Arg<object>(pex.PartialName);
+                var partialName = Call(() => ToPartialName(partialNameObj));
                 var configuration = Arg(CompilationContext.Configuration);
                 var templateDelegate = FunctionBuilder.Compile(
                     new []
@@ -54,8 +61,8 @@ protected override Expression VisitPartialExpression(PartialExpression pex)
                         Call(() =>
                             InvokePartialWithFallback(partialName, bindingContext, writer, (ICompiledHandlebarsConfiguration) configuration)
                         ).Expression
-                    }, 
-                    CompilationContext, 
+                    },
+                    CompilationContext,
                     out _
                 );
 
@@ -67,18 +74,19 @@ out _
             {
                 var bindingContext = CompilationContext.Args.BindingContext;
                 var writer = CompilationContext.Args.EncodedWriter;
-            
+
                 if (pex.Argument != null || partialBlockTemplate != null)
                 {
                     var value = pex.Argument != null
                         ? Arg<object>(FunctionBuilder.Reduce(pex.Argument, CompilationContext, out _))
                         : bindingContext.Property(o => o.Value);
-                
+
                     var partialTemplate = Arg(partialBlockTemplate);
                     bindingContext = bindingContext.Call(o => o.CreateChildContext(value, partialTemplate));
                 }
 
-                var partialName = Cast<string>(pex.PartialName);
+                var partialNameObj = Arg<object>(pex.PartialName);
+                var partialName = Call(() => ToPartialName(partialNameObj));
                 var configuration = Arg(CompilationContext.Configuration);
                 
                 return Call(() =>
diff --git a/source/Handlebars/HandlebarsExtensions.cs b/source/Handlebars/HandlebarsExtensions.cs
index 9411b4c5..e6d00268 100644
--- a/source/Handlebars/HandlebarsExtensions.cs
+++ b/source/Handlebars/HandlebarsExtensions.cs
@@ -28,6 +28,12 @@ public static void WriteSafeString(this in EncodedTextWriter writer, object valu
                 return;
             }
 
+            if (value is SafeString safe)
+            {
+                writer.WriteSafeString(safe.Value);
+                return;
+            }
+
             var current = writer.SuppressEncoding;
             try
             {
diff --git a/source/Handlebars/HandlebarsUtils.cs b/source/Handlebars/HandlebarsUtils.cs
index f940aa15..01581869 100644
--- a/source/Handlebars/HandlebarsUtils.cs
+++ b/source/Handlebars/HandlebarsUtils.cs
@@ -34,6 +34,8 @@ public static bool IsFalsy(object value, bool includeZero)
                     return !b;
                 case string s:
                     return s == string.Empty;
+                case SafeString safe:
+                    return safe.Value == string.Empty;
             }
 
             if (IsNumber(value) && !includeZero)
diff --git a/source/Handlebars/Helpers/HelperExtensions.cs b/source/Handlebars/Helpers/HelperExtensions.cs
index e369d986..3fb45f57 100644
--- a/source/Handlebars/Helpers/HelperExtensions.cs
+++ b/source/Handlebars/Helpers/HelperExtensions.cs
@@ -7,11 +7,11 @@ public static class HelperExtensions
     {
         [MethodImpl(MethodImplOptions.AggressiveInlining)]
         public static object ReturnInvoke<THelperDescriptor, TOptions>(
-            this THelperDescriptor descriptor, 
-            in TOptions options, 
-            in Context context, 
+            this THelperDescriptor descriptor,
+            in TOptions options,
+            in Context context,
             in Arguments arguments
-        )  where THelperDescriptor: class, IHelperDescriptor<TOptions> 
+        )  where THelperDescriptor: class, IHelperDescriptor<TOptions>
             where TOptions : struct, IHelperOptions
         {
             var configuration = options.Frame.Configuration;
@@ -20,7 +20,10 @@ in Arguments arguments
 
             descriptor.Invoke(output, options, context, arguments);
 
-            return output.ToString();
+            // Return a SafeString so the captured output — which already has the correct
+            // encoding applied by the EncodedTextWriter — is not encoded a second time
+            // when it is passed as an argument to an outer helper.
+            return new SafeString(output.ToString());
         }
     }
 }
\ No newline at end of file
diff --git a/source/Handlebars/IO/EncodedTextWriter.cs b/source/Handlebars/IO/EncodedTextWriter.cs
index 8bb0f102..a275aaaf 100644
--- a/source/Handlebars/IO/EncodedTextWriter.cs
+++ b/source/Handlebars/IO/EncodedTextWriter.cs
@@ -127,6 +127,7 @@ public void Write<T>(T value)
 				case string v: Write(v, true); return;
 				case StringBuilder v: Write(v, true); return;
 				case Substring v: Write(v, true); return;
+				case SafeString safe: Write(safe.Value, false); return;
 
 				default:
 					WriteFormatted(value);
diff --git a/source/Handlebars/SafeString.cs b/source/Handlebars/SafeString.cs
new file mode 100644
index 00000000..cd5fa4c5
--- /dev/null
+++ b/source/Handlebars/SafeString.cs
@@ -0,0 +1,17 @@
+namespace HandlebarsDotNet
+{
+    /// <summary>
+    /// Wraps a string value that has already been HTML-encoded (or is intentionally unencoded HTML).
+    /// When written to an <see cref="EncodedTextWriter"/>, the content is passed through without
+    /// additional encoding. This is the return-value counterpart of
+    /// <see cref="HandlebarsExtensions.WriteSafeString(in EncodedTextWriter, string)"/>.
+    /// </summary>
+    internal sealed class SafeString
+    {
+        public readonly string Value;
+
+        public SafeString(string value) => Value = value;
+
+        public override string ToString() => Value;
+    }
+}