Here is my brief comparison between Shanling m3x and Hiby r5:
3.5mm output (single dac): the m3x delivers a brighter sound with upper mids emphasis. Bass has good extension and is very clean, mids tend to sound thin and overall is an unbalanced sound that i don't recommend with bright/treble focus iems like final A4000 or Sonorous 2.
On the other hand, hiby r5 sounds completely different to m3x: It has a warm sound with mid-bass emphasis and treble roll off. It sounds less aggressive than m3x, mids have better resolution and more body. R5 is one step above M3x thanks to a more natural sound, same level of detail in highs without being aggressive and fuller mids.
3.5mm output (using M3X´s dual dac): A big step forward in terms of sound, it loses its aggressiveness in treble and gains a balanced soft sound with excellent mids texture and good layered treble. Bass remains the same as in the single dac mode and M3x now presents a better sound representation than r5 especially in treble.
4.4mm output: This is where both daps shine! I highly recommend using the 4.4mm output to experience the best sonic performances.
Shanling m3x: it gains little warmth and presents a very balanced sound where all frequencies are rounded with softness. Bass has good speed and good sub bass presence. Mids are linear and instrumental separation is better than in r5. The treble still has more presence than in R5.
R5: it loses mid-bass emphasis and gains more realistic bass attacks and natural decay. It still has more bass weight than m3x. Mids remain warm and deliver a particular coloration to voices, it presents a wider and deeper soundstage than m3x and treble improves in almost all aspects compared to the 3.5mm output.
Gear used: Final a4000, sonorous 2, hifi boy osv3, ame j1ux