diff --git a/mypy/exprtotype.py b/mypy/exprtotype.py
index 92316d11926d..c7df851668be 100644
--- a/mypy/exprtotype.py
+++ b/mypy/exprtotype.py
@@ -2,12 +2,15 @@
 
 from __future__ import annotations
 
+from typing import Callable
+
 from mypy.fastparse import parse_type_string
 from mypy.nodes import (
     MISSING_FALLBACK,
     BytesExpr,
     CallExpr,
     ComplexExpr,
+    Context,
     DictExpr,
     EllipsisExpr,
     Expression,
@@ -21,6 +24,7 @@
     RefExpr,
     StarExpr,
     StrExpr,
+    SymbolTableNode,
     TupleExpr,
     UnaryExpr,
     get_member_expr_fullname,
@@ -63,12 +67,16 @@ def expr_to_unanalyzed_type(
     allow_new_syntax: bool = False,
     _parent: Expression | None = None,
     allow_unpack: bool = False,
+    lookup_qualified: Callable[[str, Context], SymbolTableNode | None] | None = None,
 ) -> ProperType:
     """Translate an expression to the corresponding type.
 
     The result is not semantically analyzed. It can be UnboundType or TypeList.
     Raise TypeTranslationError if the expression cannot represent a type.
 
+    If lookup_qualified is not provided, the expression is expected to be semantically
+    analyzed.
+
     If allow_new_syntax is True, allow all type syntax independent of the target
     Python version (used in stubs).
 
@@ -101,19 +109,26 @@ def expr_to_unanalyzed_type(
             else:
                 args = [expr.index]
 
-            if isinstance(expr.base, RefExpr) and expr.base.fullname in ANNOTATED_TYPE_NAMES:
-                # TODO: this is not the optimal solution as we are basically getting rid
-                # of the Annotation definition and only returning the type information,
-                # losing all the annotations.
+            if isinstance(expr.base, RefExpr):
+                # Check if the type is Annotated[...]. For this we need the fullname,
+                # which must be looked up if the expression hasn't been semantically analyzed.
+                base_fullname = None
+                if lookup_qualified is not None:
+                    sym = lookup_qualified(base.name, expr)
+                    if sym and sym.node:
+                        base_fullname = sym.node.fullname
+                else:
+                    base_fullname = expr.base.fullname
 
-                return expr_to_unanalyzed_type(args[0], options, allow_new_syntax, expr)
-            else:
-                base.args = tuple(
-                    expr_to_unanalyzed_type(
-                        arg, options, allow_new_syntax, expr, allow_unpack=True
-                    )
-                    for arg in args
-                )
+                if base_fullname is not None and base_fullname in ANNOTATED_TYPE_NAMES:
+                    # TODO: this is not the optimal solution as we are basically getting rid
+                    # of the Annotation definition and only returning the type information,
+                    # losing all the annotations.
+                    return expr_to_unanalyzed_type(args[0], options, allow_new_syntax, expr)
+            base.args = tuple(
+                expr_to_unanalyzed_type(arg, options, allow_new_syntax, expr, allow_unpack=True)
+                for arg in args
+            )
             if not base.args:
                 base.empty_tuple_index = True
             return base
diff --git a/mypy/semanal.py b/mypy/semanal.py
index 782985e3fbab..bd1d6e44573d 100644
--- a/mypy/semanal.py
+++ b/mypy/semanal.py
@@ -3744,7 +3744,9 @@ def analyze_alias(
         dynamic = bool(self.function_stack and self.function_stack[-1].is_dynamic())
         global_scope = not self.type and not self.function_stack
         try:
-            typ = expr_to_unanalyzed_type(rvalue, self.options, self.is_stub_file)
+            typ = expr_to_unanalyzed_type(
+                rvalue, self.options, self.is_stub_file, lookup_qualified=self.lookup_qualified
+            )
         except TypeTranslationError:
             self.fail(
                 "Invalid type alias: expression is not a valid type", rvalue, code=codes.VALID_TYPE
diff --git a/test-data/unit/check-python312.test b/test-data/unit/check-python312.test
index a3f4c87120cd..5c8a840cdde1 100644
--- a/test-data/unit/check-python312.test
+++ b/test-data/unit/check-python312.test
@@ -1713,3 +1713,25 @@ type XNested = (1 + (yield 1))  # E: Yield expression cannot be used within a ty
 type YNested = (1 + (yield from [])) # E: Yield expression cannot be used within a type alias
 type ZNested = (1 + (a := 1))  # E: Named expression cannot be used within a type alias
 type KNested = (1 + (await 1))  # E: Await expression cannot be used within a type alias
+
+[case testPEP695TypeAliasAndAnnotated]
+# flags: --enable-incomplete-feature=NewGenericSyntax
+from typing_extensions import Annotated, Annotated as _Annotated
+import typing_extensions as t
+
+def ann(*args): ...
+
+type A = Annotated[int, ann()]
+type B = Annotated[int | str, ann((1, 2))]
+type C = _Annotated[int, ann()]
+type D = t.Annotated[str, ann()]
+
+x: A
+y: B
+z: C
+zz: D
+reveal_type(x)  # N: Revealed type is "builtins.int"
+reveal_type(y)  # N: Revealed type is "Union[builtins.int, builtins.str]"
+reveal_type(z)  # N: Revealed type is "builtins.int"
+reveal_type(zz)  # N: Revealed type is "builtins.str"
+[builtins fixtures/tuple.pyi]