FiiO brought its forthcoming M25 and M25 R2R digital audio players to CanJam London on July 18 and 19, 2026, giving attendees an early opportunity to compare two versions of the same upper-tier portable player built around fundamentally different digital-to-analog conversion technologies.
Rather than changing the finish, attaching another anniversary badge, and hoping nobody notices, FiiO is developing the M25 in two genuinely different configurations. The standard M25 uses AKM’s flagship separated-DAC architecture, while the M25 R2R adopts the second generation of FiiO’s proprietary R2R PRO resistor-ladder technology.
That distinction matters in a high-end DAP market already crowded with expensive players from Astell&Kern, HiBy, iBasso, and Shanling, along with FiiO’s own M27 flagship. Buyers spending close to $1,000 are no longer impressed by another aluminum chassis, oversized volume wheel, and DAC-chip count designed to trigger arguments on Head-Fi. The M25 series offers something more useful: two versions of the same platform built around meaningfully different conversion technologies.
Both players remain unreleased, however, and FiiO has not yet published final international specifications, regional pricing, or a firm shipping date. Until those details arrive, the M25 and M25 R2R remain highly promising CanJam previews rather than finished products ready for a credit-card workout.
One Player Platform With Two DAC Choices
The central idea behind the M25 series is unusually straightforward for the high-end portable audio category: allow buyers to select their preferred DAC architecture without forcing them to purchase an entirely different player.
The standard M25 uses an AKM configuration consisting of one AK4191 digital filter and two AK4499EX DACs. The AK4191 handles digital processing separately from the AK4499EX conversion stage, creating the flagship separated-DAC system referenced by FiiO and recent Japanese show coverage.
The M25 R2R takes a very different route, replacing the AKM DAC chips with FiiO’s second-generation R2R PRO architecture. A resistor-ladder DAC reconstructs the analog waveform using a precisely controlled network of resistors rather than the delta-sigma conversion architecture used by most modern DAC chips.
That does not automatically make the R2R version warmer, smoother, or more “analog” sounding, regardless of how quickly those descriptions will appear in online forums. Implementation, amplification, filtering, power-supply design, and headphone matching remain equally important.
The real value of FiiO’s two-model strategy is that listeners should be able to compare both approaches inside players sharing most of the same processing platform and features.
Shared Hardware and Software
Both M25 models use Qualcomm’s Dragonwing QCS6490 processor with 8GB of RAM and 128GB of internal storage. They also support a 31-band parametric equalizer, Auto EQ, and FiiO’s Desktop Mode, which allows the player to operate from an external power supply rather than continually cycling its internal battery.
The latest Japanese show report also confirms a high-capacity FPGA, a FiiO-customized femtosecond crystal oscillator, balanced headphone amplification, and maximum output rated at 1,600mW. FiiO has not yet disclosed the connection, impedance load, gain setting, or distortion threshold associated with that figure, making direct output comparisons with existing players premature.
Previous reports have listed a 5.5-inch display with 1080 x 2160 resolution, a 6,500 mAh battery, an aluminum-alloy chassis, and an XMOS XU316 USB interface. Those details remain plausible, but FiiO has not yet included them in a final international specification sheet. They should therefore remain in the “previously reported” column until the production models are formally announced.
Portable audio products have a habit of changing between prototype and production, usually after comparison charts have already spread across the internet like something requiring antibiotics.
Where Does the M25 Fit?
FiiO is positioning the M25 family below the flagship M27 and above more affordable players such as the M33 R2R and M21.
That creates an interesting comparison with the M33 R2R, which already includes FiiO’s proprietary resistor-ladder DAC, a Qualcomm Snapdragon 680 processor, 8GB of RAM, 128GB of storage, Android 13, Auto EQ, a 10-band parametric equalizer, and a 5.5-inch 1080 x 2160 display.
The M33 R2R can deliver 1,100mW per channel into 32 ohms from its balanced output in Super High Gain Mode. That figure cannot be compared directly with the M25’s reported 1,600mW maximum until FiiO confirms whether the M25 rating applies per channel, combined, and under what operating conditions. Spec-sheet arithmetic without matching test conditions is how perfectly respectable numbers become internet fiction.
The confirmed M25 advantages currently include the faster QCS6490 platform, a more flexible 31-band PEQ system, and the second-generation R2R PRO architecture in the resistor-ladder version. Whether those upgrades deliver a meaningful performance advantage over the M33 R2R will depend on the finished amplification stage, battery life, operating system, and final price.
The standard M25 may prove even more interesting because it offers the more advanced processing platform without requiring buyers to select an R2R DAC. Listeners who prefer an AKM delta-sigma implementation, or who simply do not feel compelled to join the resistor-ladder revival, will have access to the same broader platform and software features.
Pricing & Availability
FiiO has not confirmed final North American or European pricing. Japanese show coverage lists a tentative global price of approximately $1,000 before tax, although it is not yet clear whether both the M25 and M25 R2R will sell for the same amount. Both models are currently expected to arrive during the summer of 2026.
That tentative price would place the M25 family well above the M33 R2R but below the M27 flagship. It would also put both players into direct competition with premium DAPs from Astell&Kern, HiBy, iBasso, and Shanling, where faster processors and impressive DAC counts are merely the admission fee.
FiiO will need to demonstrate that the M25 is more than a quicker M33 with additional equalizer bands and a more elaborate DAC menu.
The Bottom Line
The M25 and M25 R2R were displayed as reference products at Potafes 2026 Summer in Akihabara on July 11 and 12. CanJam London will provide another major public demonstration before their anticipated release later this summer.
CanJam London takes place at the Park Plaza Westminster Bridge on Saturday, July 18, from 10 a.m. to 6 p.m., and Sunday, July 19, from 10 a.m. to 5 p.m. The 2026 event marks the tenth anniversary of CanJam London.
Our London-based headphone columnist and reviewer, James Fiorucci, will be covering CanJam London 2026 for eCoustics. We will be looking for confirmation of final pricing, output power by connection and impedance, battery capacity and life, Android version, Bluetooth codec support, storage expansion, dimensions, weight, and the international shipping schedule.
The M25 story is not merely that FiiO has another expensive portable player on the way. The company is giving listeners a choice between two DAC technologies within the same product family.
Whether that choice produces genuinely different performance, rather than two slightly different routes into the same audiophile rabbit hole, is precisely what we intend to find out.
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