OPLD: On-Policy Latent Distillation for Multimodal Reasoning

Interleaved multimodal Chain-of-Thought (CoT) improves visual reasoning by incorporating auxiliary visual evidence into intermediate reasoning. However, existing approaches remain constrained by externally defined reasoning traces and visual operations, limiting their ability to develop flexible and abstract visual thinking. Reasoning with latent has recently offered a promising direction by internalizing intermediate computation into continuous representations. Nevertheless, existing visual-latent methods mainly supervise latent states through alignment with compressed auxiliary visual features, treating them as proxies for visual observations rather than active reasoning states. Consequently, they capture the provided evidence but fail to fully internalize the abstract reasoning process induced by multimodal CoT. In this paper, we propose OPLD (On-Policy Latent Distillation), a simple framework that transfers the reasoning capability induced by privileged multimodal CoT into latent reasoning representations. Extensive experiments on diverse multimodal benchmarks demonstrate that OPLD consistently outperforms existing latent reasoning methods and achieves state-of-the-art performance on multiple benchmarks. The results suggest that supervising latent representations at the reasoning-process level provides a more effective paradigm for multimodal latent reasoning than conventional feature-level alignment.

FinLLMs: A Framework for Financial Reasoning Dataset Generation with Large Language Models

Large Language models (LLMs) usually rely on extensive training datasets. In the financial domain, creating numerical reasoning datasets that include a mix of tables and long text often involves substantial manual annotation expenses. To address the limited data resources and reduce the annotation cost, we introduce FinLLMs, a method for generating financial question-answering data based on common financial formulas using Large Language Models. First, we compile a list of common financial formulas and construct a graph based on the variables these formulas employ. We then augment the formula set by combining those that share identical variables as new elements. Specifically, we explore formulas obtained by manual annotation and merge those formulas with shared variables by traversing the constructed graph. Finally, utilizing GPT-3.5, we generate financial question-answering data that encompasses both tabular information and long textual content, building on the collected formula set. Our experiments demonstrate that synthetic data generated by FinLLMs effectively enhances the performance of several large-scale numerical reasoning models in the financial domain, outperforming two established benchmark financial question-answering datasets.