Chain-of-Thought (CoT) prompting has achieved remarkable success in unlocking the reasoning capabilities of Large Language Models (LLMs). Although CoT prompting enhances reasoning, its verbosity imposes substantial computational overhead. Recent works often focus exclusively on outcome alignment and lack supervision on the intermediate reasoning process. These deficiencies obscure the analyzability of the latent reasoning chain. To address these challenges, we introduce **Render-of-Thought (RoT)**, the first framework to reify the reasoning chain by rendering textual steps into images, making the latent rationale explicit and traceable. Specifically, we leverage the vision encoders of existing Vision Language Models (VLMs) as semantic anchors to align the vision embeddings with the textual space. This design ensures **plug-and-play** implementation without incurring additional pre-training overhead. Extensive experiments on mathematical and logical reasoning benchmarks demonstrate that our method achieves 3-4× token compression and substantial inference acceleration compared to explicit CoT. Furthermore, it demonstrates a competitive efficiency-accuracy Pareto exploration compared to other methods, validating the feasibility of this paradigm. Our code is available at https://github.com/TencentBAC/RoT

Large language models (LLMs) have recently demonstrated excellent performance in text embedding tasks. Previous work usually use LoRA to fine-tune existing LLMs, which are limited by the data and training gap between LLMs and embedding models. In this work, we introduce Conan-embedding-v2, a new 1.4B-parameter LLM trained from scratch and fine-tuned as a text embedder. First, we add news data and multilingual pairs for LLM pretraining to bridge the data gap. Based on this, we propose a cross-lingual retrieval dataset that enables the LLM to better integrate embeddings across different languages. Second, whereas LLMs use a causal mask with token-level loss, embedding models use a bidirectional mask with sentence-level loss. This training gap makes full fine-tuning less effective than LoRA. We introduce a soft-masking mechanism to gradually transition between these two types of masks, enabling the model to learn more comprehensive representations. Based on this, we propose a dynamic hard negative mining method that exposes the model to more difficult negative examples throughout the training process. Being intuitive and effective, with only approximately 1.4B parameters, Conan-embedding-v2 achieves SOTA performance on both the Massive Text Embedding Benchmark (MTEB) and Chinese MTEB (May 19, 2025).