arXiv:2610.14834v1 Announce Type: cross Abstract: Speech representation learning requires a discrete modeling interface while preserving high waveform fidelity. Existing approaches rarely achieve both: discrete tokens ease modeling but lose fine-grained acoustic information, while continuous latents preserve fidelity but require specialized generative objectives. We introduce SemiCodec, a novel Semi-discrete neural speech Codec with synchronized discrete tokens and continuous latents. Direct joint optimization may create a reconstruction shortcut through the continuous pathway, leaving the discrete tokens insufficiently grounded. To address this issue, we propose a Preserve-then-Ground training paradigm that first establishes a high-fidelity synthesis space and then grounds SSL-guided discrete tokens within it. Experiments show that SemiCodec outperforms fully discrete codecs in reconstruction quality and intelligibility while remaining competitive with continuous representations in acoustic fidelity and speaker preservation. Audio samples are available at https://pennyw1-se.github.io/SemiCodec-Demo-Page/