Multimodal Emotion Recognition (MER) systems often suffer from missing modalities in real-world scenarios. Existing methods usually generate, align, or distill missing modalities as a whole, overlooking the heterogeneous nature of the information carried by each modality. Such holistic treatment mixes inferable shared semantics with uncertain modality-specific details, yielding unstable representations and degrading robustness. To address this issue, we propose the Primitive Memory Distillation (PriMD) framework. Unlike existing methods, PriMD takes an intra-modal perspective and focuses on how different types of information within a modality differ in recoverability within each modality. PriMD first disentangles cross-modal shared semantics from modality-specific representations, and then discretizes the latter into learnable semantic primitives to construct modality-specific memory banks. When modalities are missing, PriMD is a teacher–student framework that the student model uses the shared semantics of available modalities as queries to dynamically retrieve primitives. It compensates for missing modality-specific information within a constrained memory space and aligns with the teacher model. Extensive experiments on IEMOCAP, CMU-MOSI, and CMU-MOSEI demonstrate that PriMD achieves state-of-the-art performance and consistently stronger robustness across a wide range of missing-modality settings, while mitigating the instability caused by holistic feature inference. Our code and project website are available at https://github.com/JiaqiZhang-Sengoku/PriMD and https://jiaqizhang-sengoku.github.io/PriMD/, respectively.