SMSL C200 only costs $200 and offers good balanced DAC and perfect hp amplifier.
Topping DX3Pro+ costs $200 and offers good single ended DAC and perfect hp amplifier. It is super simple to mod that to balanced output.
smsl m300se only costs $110 and offers good balanced DAC and fair quality hp amplifier.
To me the DAC+HP Amp game is over. anything beyond $200 is too expensive.
Yes DX5II offers better spec and more power, but you won't hear the difference anyway (unless you have power hungry phones).
I do consider PEQ nice feature addition, and to me it worths the extra $100, but only if Topping solved their bugs (described
here) and allows separate settings for L and R.
Otherwise I would rather use free software solution, or pay extra dollars for an element 4 or an RME, both of which have far better support / far more features than Topping.