Overview

The Topping EX5 is a desktop DAC/headphone amplifier featuring dual ES9038Q2M DACs and Topping’s NFCA amp stage. It adds Bluetooth 5.0 with LDAC, USB/coax/optical inputs, RCA and XLR line outputs, and front 6.35 mm plus 4-pin XLR headphone jacks. It supports up to PCM 768 kHz/32-bit, DSD512, and full MQA decoding[2][3].

Scientific Validity

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Independent measurements (Audio Science Review) place the EX5’s DAC section in the transparent range (distortion/noise below audibility)[1]. Manufacturer specs list THD at 0.00010% and SNR at 125 dB; headphone output is rated at up to 1.3 W into 32 Ω and 140 mW into 300 Ω[2]. The front 4-pin XLR jack is provided for connector convenience; output power is the same as the 6.35 mm jack (not a higher-power “balanced” drive)[1]. Balanced line-out level is 4.3 Vrms at 0 dBFS[3].

Technology Level

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EX5 uses proven, modern parts (dual ES9038Q2M, NFCA) and implements comprehensive connectivity including LDAC BT and MQA[2][3]. Execution is solid but evolutionary rather than groundbreaking.

Cost-Performance

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Using a representative street price of 350 USD, a cheaper equivalent-or-better option is SMSL C200 Pro at 199 USD. It offers LDAC BT, balanced line out (TRS), dual headphone outs (6.35 mm/4.4 mm), and extremely low THD+N (Line Out 0.00006%, HPA 0.00009%); overall user-visible functions and measured performance are on par or better (note: no MQA)[4].
CP (USD basis): 199 USD ÷ 350 USD = 0.568 → 0.6.

Reliability & Support

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Topping has wide distribution and typical warranty coverage. While long-term EX5-specific reliability data is limited, build and QC are consistent with recent Topping desktop units.

Rationality of Design Philosophy

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The design targets audible transparency via modern ΔΣ conversion and low-noise amplification, plus pragmatic I/O (XLR/RCA, LDAC BT). MQA support adds format compatibility but is unlikely to change audibility for most listeners.

Advice

Choose the EX5 if you specifically want LDAC BT, XLR line out, dual front headphone jacks, and MQA in one box. If MQA is unnecessary, SMSL C200 Pro delivers similar or better measured performance and comparable features (BT, balanced line out, dual HP outs) for less money[4]. Also note the EX5’s 4-pin XLR headphone jack does not provide more power than the 6.35 mm jack[1].

References

1. Audio Science Review, “Shenzhenaudio Topping EX5 Review (DAC and Headphone Amplifier)”, https://www.audiosciencereview.com/forum/index.php?threads/shenzhenaudio-topping-ex5-review-dac-and-headphone-amplifier.24341/, accessed 2025-08-15. (AP analyzer DAC/HP measurements; note on XLR headphone jack power parity)
2. ShenzhenAudio Blog, “TOPPING EX5 MQA DAC & HP AMP Now available”, https://shenzhenaudio.com/blogs/news/topping-ex5-mqa-dac-hp-amp-now-available, accessed 2025-08-15. (THD 0.00010%, SNR 125 dB, 32 Ω 1.3 W / 300 Ω 0.14 W, LDAC BT)
3. Linsoul JP, “Topping EX5”, https://linsoul.jp/ja/products/topping-ex5, accessed 2025-08-15. (Balanced line-out 4.3 Vrms at 0 dBFS, domestic price)

4. Linsoul, “SMSL C200 Pro

   DAC Headphone Amplifier”, https://www.linsoul.com/products/smsl-c200-pro, accessed 2025-08-15. (199 USD; inputs/outputs; THD+N)

5. Aoshida Audio, “SMSL C200 DAC+Headphone Amp”, https://aoshida-audio.com/products/smsl-c200, accessed 2025-08-15. (TRS/RCA outputs, dynamic range and codec details)
6. Amazon.co.jp, “SMSL C200 Pro ヘッドフォンアンプ…”, https://www.amazon.co.jp/dp/B0DZWYMX34, accessed 2025-08-15. (JP market price snapshot 28,999 円)

(2025.8.15)