One-shot Federated Graph Learning (OFGL) has emerged as a communication-efficient paradigm for federated graph learning under strict bandwidth constraints, compressing collaboration into a single transmission round. Nevertheless, this extreme setting suffers from a fundamental Single-Transmission Bottleneck, which limits both the quality and utility of exchanged knowledge. First, while existing methods attempt to distill private graphs into shareable proxies, their aggressive one-shot compression inherently triggers a fidelity crisis. This compression distorts local graph topology and semantics across clients, leading to externalized knowledge underexpression. Second, although the server aggregates these proxies to update global models, current integration schemes suffer from transferability agnosticism. The server cannot reliably identify cross-client collaboration potential, thus resulting in integrated knowledge underutilization. To tackle these dual challenges, we propose FedHFT, an effective One-Shot Personalized Federated Graph Learning (OPFGL) framework that addresses this bottleneck from two perspectives, namely High-Fidelity Knowledge Externalization and Transferability-Ware Knowledge Integration. We use Fidelity-Driven Proxy Refinement to preserve client-side knowledge fidelity, and Transferability-Steered Personalized Collaboration to enable adaptive server-side collaboration. The superiority of FedHFT is validated through extensive experiments on both homophilic and heterophilic graphs. The code is available at https://github.com/Jumpy-Juice/FedHFT.

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