Large Language Models (LLMs) are equipped with profound semantic knowledge, making them a natural choice for injecting semantic generalization into personalized search systems. However, in practice we find that directly fine-tuning LLMs on industrial personalized tasks (e.g. next item prediction) often yields suboptimal results. We attribute this bottleneck to a critical Knowledge--Action Gap: the inherent conflict between preserving pre-trained semantic knowledge and aligning with specific personalized actions by discriminative objectives. Empirically, action-only training objectives induce Semantic Collapse, such as attention "sinks". This degradation severely cripples the LLM's generalization, failing to bring improvements to personalized search systems. We propose KARMA (Knowledge--Action Regularized Multimodal Alignment), a unified framework that treats semantic reconstruction as a train-only regularizer. KARMA optimizes a next-interest embedding for retrieval (Action) while enforcing semantic decodability (Knowledge) through two complementary objectives: (i) history-conditioned semantic generation, which anchors optimization to the LLM's native next-token distribution, and (ii) embedding-conditioned semantic reconstruction, which constrains the interest embedding to remain semantically recoverable. On Taobao search system, KARMA mitigates semantic collapse (attention-sink analysis) and improves both action metrics and semantic fidelity. In ablations, semantic decodability yields up to +22.5 HR@200. With KARMA, we achieve +0.25 CTR AUC in ranking, +1.86 HR in pre-ranking and +2.51 HR in recalling. Deployed online with low inference overhead at ranking & pre-ranking stage, KARMA drives +0.9% increase in GMV.