Overview:
A high-end DAP by Hifiman, it shares the same platform as the HM802/HM901/HM901s in terms of looks and amp card interchangeability, which make it very unique in terms of DAPs in terms of customizing to the person's needs.
Non-sound bits:
This thing is very bulky and thick, don't expect it to fit in most pants pockets, and even if it does, keep in mind that it can get pretty warm when turned on, it's class A amplification after all. The UI is....passable I guess, it's not going to win any awards for smoothness or features but it has most of the things you want...except playlists, which it doesn't have, instead, you get a favorites feature to lump all the songs you like.
Perhaps the biggest thing against this DAP is the short battery life, in my experience, running mainly balanced mode, this thing is all outta juice in 7-8 hours, this isn't 7-8 hours of listening to music, this is 7-8 hours of the thing being turned on, it's battery drain doesn't seem to be much affected by playing music or not, so for those who want long battery life, stay well away.
A plus in Hifiman's favor is the modularity of the thing, in terms of it's ability to swap amplification cards to suit the owner's needs, driving sensitive IEMs? Go IEM card! Driving balanced headphones? Go for the balanced card! There are a total of 7 (incl Normal) amp cards to choose from, this customisability sets Hifiman's DAPs apart from other brands.
Sound:
Before talking about the sound sig, an aside on the power of this DAP. It has a ton of power at it's disposal, the specs say that with the balanced out, it can push 0.5w into 30 ohms, a ridiculous figure for a portable DAP. I believe it, the HM-650 has no problems driving inefficient planars, I listen to the HE-400i out of the DAP at ~4.5/8 in high gain, balanced mode, and the Talos (T50RP mod) at ~5/8 in high gain, balanced mode, and there's no sign of underpowering them at all (lack of bass, peaky treble), with slamming, authoritative bass as needed, I actually use the HM-650 more with headphones than IEMs, so if that's your preferred way to go, be assured that the DAP has plenty of power to drive just about anything under the sun.
The Sound signature is what one would expect from a Wolfson DAC, in that it is a warm and smooth sound, like the edges are sanded off. This helps greatly when listening to more harsh recordings prone to sibilance with more analytical sources, but it also takes some of the visceral nature of the music off, as if you're listening with a slight haze. The DAP is plenty resolving and does technicalities well enough, with good imaging and great separation when called for, it's just that the warmish tone and the smooth tonality means that it is not the most revealing portable source out there. But overall, the sound signature of the HM-650 makes for an easy listen with most genres.
Value:
With the Balanced amp card fitted, the HM-650 is ~$650 from Hifiman, that's a lot of money for a DAP with the shortfalls discussed earlier, if your goal is to drive full-size headphones well, this is probably one of the only DAPs that can drive inefficient planars with power, but if your goal is to use this with IEMs, there are likely more user-friendly DAPs out there that can do the same thing without the compromise that the HM-650 has.
TL;DR - Niche, High-end DAP uniquely suited to drive inefficient orthos with a warm, smooth sound signature.
A high-end DAP by Hifiman, it shares the same platform as the HM802/HM901/HM901s in terms of looks and amp card interchangeability, which make it very unique in terms of DAPs in terms of customizing to the person's needs.
Non-sound bits:
This thing is very bulky and thick, don't expect it to fit in most pants pockets, and even if it does, keep in mind that it can get pretty warm when turned on, it's class A amplification after all. The UI is....passable I guess, it's not going to win any awards for smoothness or features but it has most of the things you want...except playlists, which it doesn't have, instead, you get a favorites feature to lump all the songs you like.
Perhaps the biggest thing against this DAP is the short battery life, in my experience, running mainly balanced mode, this thing is all outta juice in 7-8 hours, this isn't 7-8 hours of listening to music, this is 7-8 hours of the thing being turned on, it's battery drain doesn't seem to be much affected by playing music or not, so for those who want long battery life, stay well away.
A plus in Hifiman's favor is the modularity of the thing, in terms of it's ability to swap amplification cards to suit the owner's needs, driving sensitive IEMs? Go IEM card! Driving balanced headphones? Go for the balanced card! There are a total of 7 (incl Normal) amp cards to choose from, this customisability sets Hifiman's DAPs apart from other brands.
Sound:
Before talking about the sound sig, an aside on the power of this DAP. It has a ton of power at it's disposal, the specs say that with the balanced out, it can push 0.5w into 30 ohms, a ridiculous figure for a portable DAP. I believe it, the HM-650 has no problems driving inefficient planars, I listen to the HE-400i out of the DAP at ~4.5/8 in high gain, balanced mode, and the Talos (T50RP mod) at ~5/8 in high gain, balanced mode, and there's no sign of underpowering them at all (lack of bass, peaky treble), with slamming, authoritative bass as needed, I actually use the HM-650 more with headphones than IEMs, so if that's your preferred way to go, be assured that the DAP has plenty of power to drive just about anything under the sun.
The Sound signature is what one would expect from a Wolfson DAC, in that it is a warm and smooth sound, like the edges are sanded off. This helps greatly when listening to more harsh recordings prone to sibilance with more analytical sources, but it also takes some of the visceral nature of the music off, as if you're listening with a slight haze. The DAP is plenty resolving and does technicalities well enough, with good imaging and great separation when called for, it's just that the warmish tone and the smooth tonality means that it is not the most revealing portable source out there. But overall, the sound signature of the HM-650 makes for an easy listen with most genres.
Value:
With the Balanced amp card fitted, the HM-650 is ~$650 from Hifiman, that's a lot of money for a DAP with the shortfalls discussed earlier, if your goal is to drive full-size headphones well, this is probably one of the only DAPs that can drive inefficient planars with power, but if your goal is to use this with IEMs, there are likely more user-friendly DAPs out there that can do the same thing without the compromise that the HM-650 has.
TL;DR - Niche, High-end DAP uniquely suited to drive inefficient orthos with a warm, smooth sound signature.