arXiv:2610.18447v2 Announce Type: replace-cross Abstract: World models have emerged as a promising paradigm for embodied AI, yet existing systems often remain fragmented in the modalities they model and the functions they support. In particular, visual dynamics, geometric structure, and executable action are commonly coupled through separate interfaces or downstream modules rather than being jointly represented and evolved within a shared dynamics model. In this work, we present Thinker-WM, a unified multimodal world model that jointly models and generates RGB, metric depth, and robot action through a shared intermediate Unified Dynamics Transformer with modality-specific encoders and decoders. The model performs multimodal unification at the representation level: appearance, geometry, and action are transformed into a common dynamic representation and jointly evolved by shared parameters, while their distinct output structures are preserved. The same parameterization supports multiple functions, including joint video-action generation, world prediction, policy inference, action-conditioned generation, video-to-action generation, and inverse dynamics. To examine whether the shared representation captures action-related information, we introduce a lightweight motion probe that shows the frozen visual representation contains recoverable motion information. Thinker-WM is trained on a heterogeneous corpus comprising approximately 20K hours of egocentric video, 10K hours of real-robot data, and 1K hours of simulation data, including approximately 4K hours of real-robot data with aligned depth supervision. Extensive experiments demonstrate strong performance across embodied world-model evaluations. Thinker-WM ranks first on EWMBench, WorldOlympiad and WorldArena, while controlled studies further demonstrate the benefits of action conditioning, geometric interaction, and multi-function training within the shared representation.