The evolution of mutual fund fee structures is transitioning from mere reductions to a comprehensive reimagining of underlying mechanisms. Following the implementation of the "Mutual Fund Industry Fee Reform Work Plan" in July 2023, the reforms have unfolded in a phased manner, encompassing management fees, transaction fees, and sales charges. By May 2025, the "Action Plan for Advancing High-Quality Development of Mutual Funds" took a step further, advocating for the refinement of the fee structure for active equity funds and fostering the adoption of a performance-benchmarked floating management fee model. Consequently, two batches of novel floating-fee funds have been greenlit for issuance. Industry experts anticipate that floating-fee funds will attain routine approval and potentially extend to "fixed income +" products. Additionally, regulations pertaining to sales fee management will soon be open for public scrutiny. The quintessential aim of these reforms is to forge a development paradigm where fund managers, distribution channels, and investors share in the benefits, thereby fundamentally altering the profit distribution dynamics within the mutual fund industry.