Large language models (LLMs) have demonstrated strong reasoning capabilities, motivating their use as the backbone of foundation recommendation models (FRMs). Existing methods enhance recommendations through explicit Chain-of-Thought (CoT) reasoning under a Think-then-Answer paradigm. However, explicit CoT incurs substantial inference overhead by generating lengthy reasoning traces and relies on manually designed templates that struggle to capture diverse, dynamic user interests. We propose OneLatent, an efficient latent reasoning framework that compresses explicit reasoning traces into several learnable latent tokens, enabling Latent-Reason-then-Answer inference without generating verbose traces. OneLatent first introduces Multi-View Adaptive CoT (MV-ACoT), which creates diverse, high-quality teacher-generated supervision by exploring user interests from multiple perspectives and automatically adapting reasoning complexity to each instance. Building on pretrained FRMs, it then uses a three-stage latent-token alignment paradigm to progressively internalize CoT traces into learnable latent tokens. Finally, a multistage curriculum-based post-training strategy activates latent-token reasoning for downstream recommendation tasks. Experiments on an industrial-scale Kuaishou dataset and the public Kuaishou LLM-Rec benchmark show that OneLatent consistently outperforms explicit CoT-based methods and traditional baselines. Compared with the Think and No-Think variants of FRMs, OneLatent improves SID@64 by 17.44% and 9.33%, respectively, while achieving over 17x higher online inference throughput. We further develop a production serving system for scalable, real-time FRM inference. An online A/B test in Kuaishou's local-services advertising scenario shows that deploying OneLatent with this system yields an estimated 9.6% revenue lift over strong online baselines, including OneRec and OneReason.

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