The integration of Large Language Models (LLMs) with retrieval systems has shown promising potential in retrieving documents (docs) or advertisements (ads) for a given query. Existing LLM-based retrieval methods generate numeric or content-based DocIDs to retrieve docs/ads. However, the one-to-few mapping between numeric IDs and docs, along with the time-consuming content extraction, leads to semantic inefficiency and limits the scalability of existing methods on large-scale corpora. In this paper, we propose the **R**eal-time **A**d **RE**trieval (RARE) framework, which leverages LLM-generated text called Commercial Intentions (CIs) as an intermediate semantic representation to directly retrieve ads for queries in real-time. These CIs are generated by a customized LLM injected with commercial knowledge, enhancing its domain relevance. Each CI corresponds to multiple ads, yielding a lightweight and scalable set of CIs. RARE has been implemented in a real-world online system, handling daily search volumes in billions. The online implementation has yielded significant benefits: a 5.04% increase in consumption, a 6.37% rise in Gross Merchandise Volume (GMV), a 1.28% enhancement in click-through rate (CTR) and a 5.29% increase in shallow conversions. Extensive offline experiments show RARE’s superiority over ten competitive baselines in four major categories.