MLLM在图文检索中表现差，因文本语义主导了模型表示。

Despite the remarkable success of multimodal large language models (MLLMs) in generative tasks, we observe that they exhibit a counterintuitive deficiency in the zero-shot multimodal retrieval task. In this work, we investigate the underlying mechanisms that hinder MLLMs from being effective retrievers. With the help of sparse autoencoders (SAEs), we decompose MLLM output representations into interpretable semantic concepts to probe their intrinsic behavior. Our analysis reveals that the representation space of MLLMs is overwhelmingly dominated by textual semantics; and the visual semantics essential for multimodal retrieval only constitute a small portion. We find that this imbalance is compounded by the heavy focus of MLLMs on bridging image-text modalities, which facilitates generation but homogenizes embeddings and finally diminishes the discriminative power required for multimodal retrieval. We further discover that the specific feature components that contribute most to the similarity computations of MLLMs are actually distractors that greatly reduce retrieval performance. Building on these insights, we propose ReAlign, a test-time adaptation approach that applies a whitening transformation to adjust the geometry of MLLM representation spaces. Empirical results show that this simple intervention consistently improves zero-shot multimodal retrieval performance across diverse MLLMs without fine-tuning efforts. The code is available at https://github.com/Heinz217/mllm-retrieval-analysis.