Multimodal Large Language Models advance multimodal representation learning by acquiring transferable semantic embeddings, thereby substantially enhancing performance across a range of vision-language tasks, including cross-modal retrieval, clustering, and classification. An effective embedding is expected to comprehensively preserve the semantic content of the input while simultaneously emphasizing features that are discriminative for downstream tasks. Recent approaches demonstrate that MLLMs can be adapted into competitive embedding models via large-scale contrastive learning, enabling the simultaneous optimization of two complementary objectives. We argue that the two aforementioned objectives can be decoupled: a comprehensive understanding of the input enables the embedding model to achieve superior performance on downstream tasks via contrastive learning. In this paper, we propose CoMa, a compressed pre-training phase, which serves as a warm-up stage for contrastive learning. Experiments demonstrate that with only a small amount of pre-training data, we can transform an MLLM into a competitive embedding model. CoMa achieves new state-of-the-art results among MLLMs of comparable size on the MMEB, realizing optimization in both efficiency and effectiveness. Our project is available at https://github.com/Trustworthy-Information-Access/CoMa.