Reproduction link or steps

https://stackblitz.com/edit/github-iwpluhkh?file=tsdown.config.ts

^ This includes a "real life" example of a subpath import, but the repro gave some spurious warnings about it so I also included a more boring example as well.

What is expected?

exclude should be against the source file, as per the @example.

What is actually happening?

It's against the generated chunks, which ought to be transparent to end-users.

TBH I'd prefer them to be the exports.PATH value, but whatever is fine so long as it's not chunks.

Any additional comments?

Also watch mode is broken 🤷🏻‍♂️
I assumed it was just my machine, but it's broken in the repro.

Oh, and the stackblitz starts broken now that fixedExtension is the default.