Latent Diffusion Models (LDMs) inherently follow a coarse-to-fine generation process, where high-level semantic structure is generated slightly earlier than fine-grained texture. This indicates the preceding semantics potentially benefit texture generation by providing a semantic anchor. Recent advances have integrated semantic priors from pretrained visual encoders to further enhance LDMs, yet they still denoise semantic and VAE-encoded texture synchronously, neglecting such ordering. Observing these, we propose Semantic-First Diffusion (SFD), a latent diffusion paradigm that explicitly prioritizes semantic formation. SFD first constructs composite latents by combining a compact semantic latent, which is extracted from a pretrained visual encoder via a dedicated Semantic VAE, with the texture latent. The core of SFD is to denoise the semantic and texture latents asynchronously using separate noise schedules: semantics precede textures by a temporal offset, providing clearer high-level guidance for texture refinement and enabling natural coarse-to-fine generation. On ImageNet 256x256 with guidance, SFD achieves FID 1.06 (LightningDiT-XL) and FID 1.04 (1.0B LightningDiT-XXL), while achieving up to 100x faster convergence than the original DiT. SFD also improves existing methods like ReDi and VA-VAE, demonstrating the effectiveness of asynchronous, semantics-led modeling. Project page and code: https://yuemingpan.github.io/SFD.github.io/.