So I got the unit and ran it in for 50 hours before a listen. This was always going to be a hit and run take and i didn't receive Earphones with the unit so just a quick review on the DAP. Next reviewer should have both this forwarded player and earphones direct from Hiby in hand around the same time.

Layout;

This is a beautiful unit with a 5.5" screen and at my personal portable size limit yet easily accommodated. Great that they include a leather(?) case.

Unlike previous Hiby units with the Volume on top and Connections on the bottom, this one has volume on the side which is a great change for my preferences. I never cared for DAPs that either hid the V control or stressed the earphone connection at the bottom of your pocket due to opposing positions. Hiby gets a big thumbs up for this change.

All controls are easy to use, even with the case but the locations will take a few days to find easily once the case is used.

The unit has 3.5 and balance 4.4 connections for both line and headphone out. I didn't check on what processor or screen used and don't really care. I care about how well they work in system and this is easy to quantify. It's great.

Unit reeks of solidity and quality build.

Topology and Performance;
I put these together for a very good reason. While I'm qualified to examine, discuss and comment on it's unique topology, I just don't care. These are smarter people doing smart things and what matters is the result. I don't care how many DACs or what class of operation beyond how it relates to a result and that's overall VG for the price and packaging. That said, I'm not sure this unit needed this much topological complexity which is what may contribute to both space allotted for the (already large) battery and using what's there a little more quickly.

My preferred method of operation is class A, mid gain for my IEMs and short delay slow roll filter. The filter settings are subtle but there if you don't listen too intently for 'differences' and let the music come to you. The sound in class A vs normal is also subtle but class A has better note fill and solidity of perspective. Unit has depth and width but neither is special. It has plenty of detail without ever getting electronic or analytical sounding with nice color. More costly units will show greater textures and space but lesser ones will not give as much music as here. It's a VG toe tapping experience but it could last a bit longer. No problem for my uses but for many, a 4-5 hour run time in class A may be an issue though in what is still a vg normal mode allows you 1/2 again as much time. Probably shouldn't take a big hit for offering something they didn't have too. Fortunately, fast charging helps maintain it's use... which is a pleasure with fast responses and intuitive screen actions etc. Fast and solid.

Other stuff,

WiFi and Bluetooth work great with easy connectivity etc. Boots quickly. Online updates.
I can hardily recommend the unit with the minor caveats mentions here. I won't be getting one but my player costs more and is modded so obviously voiced for my personnel preferences. If I were looking in this price range I wouldn't hesitate to put this on my list of top candidates. (Maybe at the top but haven't heard the latest from all makers). Just an informative and fun sounding unit.

Unless the battery time is a major issue, it gets a high recommendation.

Sorry about not having more pics but it's packed and there's plenty of those on this page. It's a gorgeous unit.

I love these but they're good enough to hear what you got wrong or right. I'm accustomed to Hi End home kit, silly priced electronics, top source kit and both electrostatic and dynamic speakers with well integrated ribbon tweeters etc. I have an associate who is a recording engineer that also teaches and get to hear some of those sessions both live and recorded. Rarely with overdubs so have a good references.

I'm not getting into a long point by point review here with pics etc but just wanted to add my take on these and tuning.

Lets do the scalpel part 1st. They sound like they're made for someone trying to mix and successful at that but not what I bought them for so a bit of voicing is required to get the most out of them (like every IEM I've owned). It's just that the reward is TOTLish when you get it right. They have remarkable timing, single driver type cohesiveness but the pinna gain/upper mids can be a bit prominent plus the midbass a bit held back until association of cable and tips is corrected. Don't get me wrong, they're still really good but become particularly special with the right tips and cable. I can understand why they get both awesome and meh reviews online depending on how they managed association, their reviews are done or simply preference. The thing I'm conveying here is that you can have your scalpel but use it to cut your cheesecake here. Like most things revealing, you can hear both your successes and failures.

Stock, these sound really good with great timing but the the upper mid forwardness slightly masks what are proper high frequencies and adds to leaner midrange with the midbass sounding a bit recessed. Minor but there. This is where Comply tips become a perfect paring. The upper mids fall right into place and the bass more integrated to the mids. The highs are more in line but could now use a hair more sparkle. I was using an 8 core silver litz cable. It was in the wheelhouse by snapping up the treble and having enough warmth, likely due to overall higher gauge. I then bough a Penon Mix cable for another IEM based on a review and it worked well for that IEM. When I put that one on the S8 with tweaked amp3, it was instant nirvana for my personal tastes. I'm used to good things but I think I'd miss the correctness of what I'm currently hearing with another megabuck IEM. Highs have the correct sparkle and extension, mids the correct weight and position with bass warmth and weight with delineation that sums up to a very cohesive whole. I probably shouldn't say this here but my thinking is that there are limits to IEM goodness vs free air sound. That said I love the medium but think I've reached diminishing returns regardless of what I spend after this for my expectations and requirements. To add, That 8wire silver litz still mates well with a tweaked amp8 mk2. Voicing with IEMs is real.

I suspect that I'm sensitive to phase/timing and I haven't heard better from a multi driver IEM. Sounds like a single driver with better speed and articulation. 1st time I got that from a multi driver IEM was the jh13fp I had way back. Image is correct with remarkable solidity. It's my contention that IEMs that image well outside the head space are likely sacrificing phase/timing to achieve that extra openness. Here the image is extremely focused with depth, presence and openness where you don't think about how expansive it is. It's more or less limited to a large headspace sort of thing but in a very nonconfining manner. Obviously sound effects that have phase anomalies to expand that in source material also do that here and in a vey cool way but natural acoustic stereo recordings sound as described. Solid focus.

Basically, what I'm getting at here is that with a bit of moderately priced effort of association(and if you can deal with the need to replace Comply tips every month or so) this is a poor mans TOTL if you're looking for an accurate yet musical device that gets out of the way of the music yet still accommodate a high goose bump factor.

Associated kit I use.

Portable:
iBasso DX240 with Ampmod3 that I further modded.

* also dig out into a Mojo with tweaked supply and selected dig cable is surprisingly good.

Home:
Questyle CMA15 or same into a dedicated Naim headphone amp. Naim Uniti Core via DC1 cable as source.

Naim Uniti Atom headphone Edition

Files are mostly 24/192 WAV master dubs, vinyl transfer via a top LP12/Aro dubed into a Nagra 6 as A2D and downloads with some Qobuz for new music etc.

For home speakers, I like Quad ESL and ProAc.

​

I guess I'll start the review in the order of the above but let me preface with my overall opinion as it relates to my personal needs.

For me, it's a near perfect player as it arrives with it's stock amp. I'd prefer a 4.4mm simply due to it likely being more robust but the 2.5mm works great for IEMs which is how I use a portable. That said and while the 2.5mm jack drove every full size phone I threw at it perfectly, iBasso also offers higher current amp options with 4.4 jacks which makes this performance available to all, even those with more severe loads.

The sound is detailed, neutral and open/spacious without becoming analytical. Tangible location of voices and instruments in the sound field with great ambiance retrieval that's both connected and yet differentiated from it's source. Just wonderfully balanced and informative. Focused with spatial clues appropriate to the recording with what I consider correct width and depth. I'm a big fan of PRAT ( Rythen, Pace and Timing) and this player has it in spades without the lack of finesse other devices might sacrifice for it. It also doesn't sound 'enhanced' as some better players might. It's true to the source. Bass is solid, with proper weight yet tuneful. Insightful with a high goose bump factor when the material serves up something worthy.

I'm a big fan of the stock amp. With the uncompressed files I tend to use, most HiDef though standard def is pictured. it's wonderfully informative and open. With more difficult to drive full size phones, I may have felt the desire for the added current of the meatier sounding Amp 8 mk2 which has been very well received but for my IEMs and the full size phones I tried, I'm very happy with it as it came. With AMP1 MK3 (stock) the player is neutral and delineated but without the negatives sometimes associated with those terms. It has a nice weight to the music with excellent tangibility. Stock amp has driven and sounded great with the full size phones I've tried with it. Focals, Quad planar and Grados but unfortunately I didn't try amp8 on those (where it should be at it's best) to compare.

Before this player, I had a Hiby R6 2020 and I liked the way it performed overall. I feel the DX240 has a more solid tangible type of sound without sacrificing anything to achieve it but the R6 was also nicely detailed. I hated that the R6 had a difficult to use V control on top and Earphone connections on the bottom since I only use these on the go. You could either choose access to the V control and stress the cable connection or protect the connectors and bury the v control at the bottom.

While the DX240 has it's connectors on the bottom, having the Volume wheel and play buttons on the side give full access to controls with the cable facing up. It is and feels lighter in use plus is shorter in height than the R6. It's a bit fatter but the curved back actually makes it fit better/more securely in your hand than if it weren't and has been unnoticeable in my pocket. Really good ergonomics in actual use. Side Micro socket has easy access with the included clear case and accommodates any size available card and reportedly beyond. My 1tb card works great.

It's Android based and fast, has Google Play Store access and other programs can directly access the player without Android sound limitations. Qobuz plays in HiDef with the native App as do other players. My preferred player is the native iBasso within android with the antennas turned off. I thought I preferred the stand alone (without android running) iBasso OS when I 1st got it but after being told to listen again after fully run in, I find I prefer the it in standard Android form. Ambiance takes a more natural and connected quality without any loss of fine detail.

As is becoming more common, the dig circuit has post filter options. I initially preferred Filter #5 and it's remained a constant regardless of app/source for me. I have Hiby player installed for local DLNA file streaming which works and sounds great but for local files, iBasso player is still the way to go. They all work fast and seamlessly. Screen is also a joy. I'm not screen fussy for players but the color and res of this one simply adds to the premium feel. I don't use EQ or other enhancements so won't comment on those. I am also not fussy about 'features' or quirks in apps so same there. It needs to play a tune with the message intact and I'm good. In this case very good.

I've owned LOTOO, AK, Questyle, Hiby and have both the top Questyle home DAC and a Naim Atom HE so am accustomed to decent sources. Much more expense in home stereo kit. I'd say I can't tell you how happy I am with the DX240 for it's purposes but I think I just did.

removed due to not having enough time with it and don't want to overstate the goodness without having owned them.

This will only be about sound. They were all great in use and that ground has been covered. You'll need to be patient for the M3s portion or just skip ahead.

M1: Cheap and cheerful. It's a warmish, smooth player but not lacking in color. It doesn't reach in as far as better players but at this size and price is a very enjoyable listen. I (my daughter's now) own an old AK100 MkII ( the low output impedance version) which would still cost significantly more used. It's still a better player with a similar tonality but has better prat separation and delineation. It should and it's a pre Android model which I like. Doesn't change the fact that the M1 is a VG value and great package with better sonics than most need. I listened to wav files from Rebook to 24/192 for comparisons and with lower res content, much of differences described in this review would be minimized or moot.

M2s: This player has similar quality overall to the AK100mkII. A slightly leaner take and that's a good thing as that AK is a little warm. The M2s clears out a little better but the AK is a hair more together. I would have a tough time choosing between them with the appropriate earphones. Win/win here. I still like that the AK has 2 sd slots and a lower output impedance so I wouldn't switch but I also prefer this AK to later entry level AKs. At around $200 the Shanling is a great buy if compatibility is good. I also have an AK120 with the resistor bypass mod. I still prefer it to the M2s but again, it will cost about twice as much used.

M3s: This one was obviously made to be used balanced. I'm being a bit more critical here as it's the top unit. Single ended, it's dynamic but a slightly flat and the highs could be a bit more refined, not for a player at this price but on an absolute scale but that changes when going balanced. Balanced transforms this player into something that beats the modded AK120 in most ways. In balanced mode, the highs are smoothed yet present, everything is more open, delineated, focused with added space between notes and has very good depth. These qualities are now all better than the AK120. The only thing the AK still does better is PRAT which is a big deal for me but I would have a hard time giving up what the M3s can do balanced. I suspect 9 of 10 folks would choose the balanced M3s. It's a lot of player for the price and highly recommended. Single ended, I'd still go with the AK120 but there's no reason to not take advantage of the balanced option here. To get a fair comparison of balanced, I bought a 2nd cable of the type I already use and re-terminated the plug end to a 2.5 trrs. No adapters or different cable. I burned it in single ended before re-terminating as I don't have any other balanced DAPs.

How do these compare to my QP1r? They don't overall but they don't need to compare to what I consider to be the cream of the $1k DAP crop.

 
So after a day of somewhat abusive run in (free and impatient) and tip rolling, I can say these easily play in a realm at or above their $100 price point. The stock tips are fine and Grado tips also work well but try a few doubles on them all the way to the base and you may get really great results. The stock tips are short and I prefer those up near the tip, the Grado/Orto tips can go lower on the body of the nozzle as they're longer and the UE doubles are quite long, should sit against the base and just sing on these. I have a half dozen double flange tips and these were the best overall. Second was a set with a slightly smaller opening and more taper on the top flange. May have been very slightly better balanced in the mids but not as interesting overall. (I'm now using these) Unlike some here that think frequency response is almost the only thing that matters, I find it's less important than other aspects of music reproductions as long as things line up well enough. The amount of extension, detail and balance with these is hard to fault now. 
 
I really didn't like the stock tips pushed down to the base as others have mentioned but thought them good installed at the tip grove as described earlier. Still prefer the Grado singles and UE doubles overall. Lots of you have a pair ultimate ears double flanges from the tf10, sf3/5 days. Run these puppies in and try them. You wont regret it.
 
As for break in, they don't move that much but do so in important ways. Out of the box, they sound less extended in either direction and less refined overall. After some loosening up, that goes away. They open up on top, have texture and play notes in the bass. They don't get as black as the best but with these tips low level detail is all there, balance is good and they exhibit HiEnd type qualities in placement etc. Perspective is a 10th row sort of thing but there is depth and width if not totally 3d. I'm a bit spoiled by my JH13s
 
As setup, these have some extra lower treble and are a perhaps slightly warm overall but they are neither aggressive or sibilant and vocals sound quite natural and not weighed down in the least. There is technically some roll at the very extremes but with these tips, I bet you don't notice it on top unless you work to hear it or on the bottom unless there is some sub bass material. Bass roll is relative and I'm of the school that it needs to rise below 100hz to sound flat. These sound like they rise a bit in the midbass and stay linear from there down which is what many folks prefer anyway. The lower treble may bot suit some but I find it mitigated quite well with good tip choice.
 
So to conclude, with a bit of care, these play pretty easily at their $100 retail price (about $70 street) and at the current $49 deal are a no brainer. If you get them and don't like the way they sound with their tips pushed down to the base of their nozzles, don't fret, I didn't either but you can get very good results with proper use of the stock tips at the tip grove at the end of the nozzle that supports them and even better results with some others tips. 
 
Easy fit, comfort and storage due to size is obvious. I like everything about them except that there is no cinch and the mini plug is neither straight nor right angled and just a bit odd though absolutely no problem in use. A cinch is easy enough to make. Either a bit of heat shrink on it's own or to hold a cylinder together will get it done. That said, these are probably designed to be worn down and since microphonics are low, the cinch isn't required but if you like to wear your cables over the ear, it's useful.

The player, for lack of a better word, is dramatic but not artificially so. More like it has the ability to bring home the soul and intentions of a song. There's a tangibility here that you don't get from other all in one players. Music often has a personal message or story that a performer is trying to relate and it's the hardest thing kit has to do. Call it goose bump factor but it won't show up in specs. This player can transport you there.
 
It's not perfect. The ui could be more refined (but it's fine), the display larger(but it's fine), quieter (but it's fine) and sonically, it just sounds great in a natural presentation yet dynamic sort of way. It's close enough to just right that there's little to criticize and preference for some other more expensive hi end player would simply be that, a personal preference. It's dynamic, detailed, open, focused and has a unique solidity without sounding hard. It runs forever and plays 24/48 wav files. It will also play FLAC at standard def, aac, wma, mp3 and APE. There's not much here not to like if music is your main goal.
 
I can get my way around a circuit but really, when I'm listening, I just don't give a crap. I never presume to know more than those that actually create. I think they've stayed with this basic platform and refined it because, A, they know it (and there's a lot to be said for that) and B, they just plain like the way it sounds. So do I.
 
I can say that judging from comments on comparisons to the V by others, I'm glad I waited. The difference in price seems marginal considering the improvements. Even if small, they seem significant for IEMs. Probably less so for cans.
 
I've got some Ipod touches, amps with lod, a few Sansa's Rockboxed and not and this is my go to on many fronts but mostly sound as it's tops. It's easily pocket-able and lasts for days. I still have my touch if I want Internet or apps and my clip+ if I just want to clip to my T-shirt etc or am worried I'll drown the player etc. but the Studio has ended my search. It may not be the absolute best player made but it probably is at the price and it has buttons instead of a touchscreen, doesn't cost >$800, is small enough to shirt pocket completely hidden, and lasts for a long, long time. My touch 3 LOD to a custom amp is close but it still costs more and is bulkier than I have any interest to carry. Like many here (some with a lot of experience) it's become my go to player.
 
I wanted to give the line in a work out so hooked up some original AKG 701s and the lod from an Ipod touch to use the Studio as an amp. It tightened and focused the sound with more slam and bass control while driving the 701s as loud as I could ever use them. The amp stage probably adds around 6db to 10 db of gain full up. I couldn't get it to clip on the AKGs. Maxed, the volume was just bearable for a short time to test. If you don't know these 701s, they're notoriously hard to drive cans and this drove them well.
 
On it's own, there's not enough gain to play the AKGs very loud but these are the extreme and the amp is plenty strong given enough signal at the line input side. I'm sure it will be fine as is for most cans as well.
 
24/48 is top res for this unit so it won't do true Hi Def but I think you'll find that the 24 id the more significant portion of that HiDef spec. 24/48 is a great compromise for portables. 
 

There is a lot here to prejudice me against them but with only 6 hrs breakin, I already just plain enjoy them. To me, this is as much bass as I could use without mucking things up so they're fun without being overbearing at the bottom. The mids are extremely natural sounding and less IEM in nature. I wouldn't call the transition to the highs ruler flat as you may suspect from something described as natural since the lower treble/very upper mids is a bit back but far from missing and it gives these a very relaxed and real character without lacking presence or detail compared to others in the price range. It's subtle and the top bumps back up to where it belongs before tapering off gradually. A cymbal may not always sound quite metal enough but by the same token, a brush on a skin wont sound too metalic or etched either. Picking nits is easy on any IEM and here we're talking about something at a moderate price where some of these nits can be looked on as attributes as much as liabilities depending on perspective. They're forgiving of source and player without making you sacrifice music for it. They're less gritty, hashy or bumpy in response than other dynamics I've heard in this range.
 
Their size and fit isn't my thing as I like small nor is the somewhat bass heavy sig but they fit well, are comfy and the bass isn't over baring or messing with the mids. The controls work well as does the mic. I thought I'd move these on to another Headfi-er but I'm keeping them, for a while anyway, maybe longer. No, they're not replacing my $400 unit but they are dropping a couple others out of the mix. To me this is a fun phone with really nice mids that can be listened to all day without fatigue. It's informative without being analytical, no, not like a top tier but you won't really miss it.
 
The case is nice as is the build and tips. No real negatives here. In fact, there's another thing I so genuinely appreciate with IEMs. They sound best to me with the tips that came fitted to them. The whole tip aquiring and comparing scenario that we've all gone through gets tiring. Of course I tried and the hybrids take a bit to much presence and wider opening tips take away their eveness. These are well concieved and voiced as is. I can see why Spider is proud of them. Like everything, not for everybody and not what I would probably choose for my only IEM if I could only have one but then again, I'm not sure that could be anything under $100.  In the under $100 range, I've own(ed) TD100s, Maximo, M1s, ADDIEMs, M6s, PL50s, Fischers and I prefer these already. Yes, some of these may do something or other better but I just enjoy the Realvoice more. 
 
This doesn't seem to be just another sourced product with a label. There's been some obvious good choices on parts and voicing going on. I suspect they're still going to improve but I can already tell they're just a nice comfy product that's has enough bass for the general market ( a bit extra) and good information without shining a spotlight on poor sources or kit. They should be a commercial success.