Reasoning-driven universal multimodal embedding has advanced rapidly by introducing Chain-of-Thought (CoT) reasoning into the embedding pipeline. Despite the strong performance across both general and complex tasks, this paradigm suffers from two core limitations: (i) autoregressive CoT reasoning incurs high computational cost, making it impractical for low-latency retrieval; and (ii) embedding performance is heavily coupled with CoT annotation quality, making large-scale training unreliable. These raise fundamental questions:Is textual CoT the optimal form of reasoning for embedding, and can effective embedding reasoning be accomplished in latent space? To this end, we propose LaME (Latent Reasoning Multimodal Embedding), which formulates embedding-oriented latent reasoning as a weakly supervised information bottleneck. LaME employs K learnable reason tokens as a fixed-capacity bottleneck, completing all reasoning within a single forward pass. The two weak supervision signals structurally decouple contrastive from autoregressive objectives and eliminate dependence on CoT annotations, while a two-stage training pipeline ensures stable convergence. Experiments on MMEB-v2 and MRMR show that LaME achieves competitive performance, surpassing some explicit CoT-based models, while delivering 60× faster inference than explicit CoT methods and 2× faster than latent baselines with throughput comparable to discriminative embedding models. The code is available at https://github.com/PeppaWu/LaME.

Multimodal Large Language Models advance multimodal representation learning by acquiring transferable semantic embeddings, thereby substantially enhancing performance across a range of vision-language tasks, including cross-modal retrieval, clustering, and classification. An effective embedding is expected to comprehensively preserve the semantic content of the input while simultaneously emphasizing features that are discriminative for downstream tasks. Recent approaches demonstrate that MLLMs can be adapted into competitive embedding models via large-scale contrastive learning, enabling the simultaneous optimization of two complementary objectives. We argue that the two aforementioned objectives can be decoupled: a comprehensive understanding of the input enables the embedding model to achieve superior performance on downstream tasks via contrastive learning. In this paper, we propose CoMa, a compressed pre-training phase, which serves as a warm-up stage for contrastive learning. Experiments demonstrate that with only a small amount of pre-training data, we can transform an MLLM into a competitive embedding model. CoMa achieves new state-of-the-art results among MLLMs of comparable size on the MMEB, realizing optimization in both efficiency and effectiveness. Our project is available at https://github.com/Trustworthy-Information-Access/CoMa.