LatentUM用统一潜在空间实现跨模态推理与生成，无需像素转换。

Unified models (UMs) hold promise for their ability to understand and generate content across heterogeneous modalities. Compared to merely generating visual content, the use of UMs for interleaved cross-modal reasoning is more promising and valuable, e.g., for solving understanding problems that require dense visual thinking, improving visual generation through self-reflection, or modeling visual dynamics of the physical world guided by stepwise action interventions. However, existing UMs necessitate pixel decoding as a bridge due to their disjoint visual representations for understanding and generation, which is both ineffective and inefficient. In this paper, we introduce LatentUM, a novel unified model that represents all modalities within a shared semantic latent space, eliminating the need for pixel-space mediation between visual understanding and generation. This design naturally enables flexible interleaved cross-modal reasoning and generation. Beyond improved computational efficiency, the shared representation substantially alleviates codec bias and strengthens cross-modal alignment, allowing LatentUM to achieve state-of-the-art performance on the Visual Spatial Planning benchmark, push the limits of visual generation through self-reflection, and support world modeling by predicting future visual states within the shared semantic latent space.