Large Multimodal Models (LMMs) typically build on ViTs (e.g., CLIP), yet their training with simple random in-batch negatives limits the ability to capture fine-grained visual differences, particularly in geometric scenarios. To address this challenge, we propose a novel hard negative contrastive learning framework for the vision encoder, which combines image-based contrastive learning using generation-based hard negatives created by perturbing diagram generation code, and text-based contrastive learning using rule-based negatives derived from modified geometric descriptions and retrieval-based negatives selected based on caption similarity. We train a vision encoder (CLIP) using our hard negative training method, namely MMCLIP (Multimodal Math CLIP), and subsequently train an LMM for geometric problem-solving. Experiments show that our trained model, MMGeoLM, significantly outperforms other open-source models on three geometric reasoning benchmarks. Even with a size of 7B, it can rival powerful closed-source models like GPT-4o. We further conduct ablation studies to analyze three key factors: hard negative types, the efficiency of image-based negatives, and training configurations. These analyses yield important insights into optimizing the training pipeline of vision encoder for fine-grained geometric reasoning tasks. https://github.com/THU-KEG/MMGeoLM.