HiFiMan EF499 Review: an affordable DAC/headphone amplifier

The HiFiMan EF499 is a balanced R2R DAC with a built-in headphone amplifier, featuring an original vertical design and equipped with streaming functionality.

HiFiMan Electronics is a Chinese company founded in 2007 by Dr. Fang Bian. HiFiMan gained widespread popularity with its line of advanced planar magnetic headphones, which have won numerous awards in recent years and are considered among the best in their respective price ranges. In addition to headphones, HiFiMan produces other high-end audio electronics: DACs, headphone amplifiers, and portable music players. However, for many years, its lineup of reasonably priced desktop headphone amplifiers was limited to the EF6 model, specifically designed for the HE-6 headphones and priced at around $1600—not exactly cheap. Things changed completely at the end of 2022, when HiFiMan released the EF400, a powerful and high-performing headphone amplifier with integrated R2R DAC, priced at around €600 and now often available for just over €500. The EF400 was highly successful, leading HiFiMan to expand its amplifier range with a more powerful and flexible flagship, the EF600, and more recently the EF500 and EF499 models, both more affordable and equipped with network connectivity.

The EF499 is HiFiMan’s entry-level DAC/headphone amplifier: to keep costs down, it uses a Philips-derived R-2R DAC. This is a more economical solution compared to the in-house Himalaya R2R DAC used in the higher-end EF400/500/600 models, but it still retains the typical characteristics of this type of digital-to-analog converter: a rich, warm, and musical sound that is never overly analytical.

The amplification section delivers an impressive power output of 4.35 W at 32 ohms via the balanced output (1.28 W via the unbalanced output). These values are only slightly lower than those of the more expensive EF400/EF500. In addition to USB input, the EF499 also features a coaxial input and an Ethernet port for streaming functionality. At a current price below €350, the EF499 offers a quality R2R DAC, a very powerful headphone amplifier, and network streaming features. It’s not easy to find competing devices offering all these features at a similar price.

Like almost all HiFiMan products, the EF499 comes in a large, no-frills cardboard box containing only the amplifier and a standard power cable. It has a solid and minimalist look, distinguished by its tall and slim chassis. Compared to its bigger sibling EF500, the only aesthetic difference lies in the color scheme: silver for the EF500, black and chrome for the EF499. In our opinion, the EF499 is significantly more appealing.

The layout of the knobs on the front panel is exactly the same as the EF500, and like the EF500 (and the much more expensive EF600), the EF499 features a vertical design. This solution allows for better heat dissipation and reduces horizontal desk space usage. According to HiFiMan, the EF499 can also be used as a headphone stand, freeing up additional space. We have already tested this solution with the EF600 and EF500 and are not entirely convinced: after a few minutes of use, the EF499 starts to warm up, and headphones placed on top will also heat up—something that may not be pleasant, especially during hot weather.

The “tower” layout can be problematic in some situations: when used near a desktop PC, it is impossible to place the EF499 in the classic position behind the monitor, as the volume knob would be hidden by the screen. Placing it in front of the monitor blocks the view entirely. The only option is to position it to the side, and if you have a large monitor or multiple displays, the EF499 may end up quite far away and inconvenient to use. This also increases the likelihood of needing longer cables. An alternative solution is to remove the base and lay the EF499 horizontally.

On the rear panel, we find the power socket and power switch, two balanced XLR outputs, and two unbalanced RCA outputs. The placement of the power switch on the rear—like other recently reviewed HiFiMan amplifiers—is clearly inconvenient. Available inputs include USB-B and USB-C (not usable simultaneously and not selectable via a switch), plus a coaxial digital input for connecting devices such as a CD player. There is also an Ethernet port for media streaming. The front panel is simple, with headphone outputs at the bottom, a central volume knob, and a settings knob at the top. The volume knob, like the EF500’s, is somewhat rough but precise. A smaller knob on top controls gain and the digital conversion mode: High Gain NOS / High Gain OS / Low Gain NOS / Low Gain OS. NOS stands for “No OverSampling”: in this mode, the signal is converted more directly, without frequency alteration and with less use of complex audio filters.

Whether oversampling is preferable in A/D conversion is a complex and long-debated topic. In the case of the EF499, the same considerations apply as with other HiFiMan amplifiers: NOS mode sounds more defined and less “veiled,” while OS mode offers greater warmth in the low frequencies. The choice will likely depend on the headphones used and personal preference.

The EF499 has no input selector on the front: switching between USB and coaxial requires toggling a switch on the rear, while the Ethernet connection appears to deactivate automatically when a USB signal is detected. The system works, but it is clearly inconvenient and impractical.

The streaming features of the EF499, identical to those of the EF500, allow playback from online platforms such as Spotify, Roon, Apple Music, Sony Select, and many others. It is also possible to play a locally stored music library (e.g., on a NAS) via Ethernet using apps like Synology Audio Station. We were unable to test these network features, but they are certainly a welcome addition given how widely used they are, and quite impressive for a device that, at just over €300, also offers high-quality DAC performance and a powerful headphone amplifier.

We tested the EF499 with a wide variety of headphones, including some of HiFiMan’s most famous planar magnetic models: Sundara, Edition XS, HE6v2 SE. To evaluate performance with high-sensitivity, low-impedance headphones, we also tested it with Grado SR80E.

The EF499 requires several hours of burn-in to perform at its best: initially, it sounds flat and congested, but after some time it reveals the characteristic warm and musical signature of R-2R DACs. The EF499 is clearly designed as an ideal companion for mid-range HiFiMan headphones, and indeed performs very well with them. Its warm character adds body to headphones such as the Sundara or Ananda.

Power is more than sufficient for all headphones we tested, except the HE6v2 SE, which requires something even more powerful (and expensive). The EF499 also performed very well with Grado headphones, delivering a particularly balanced sound; however, due to their high sensitivity, the usable volume range is very narrow, which can be problematic—especially for low-volume listening.

The most interesting comparison, given their strong similarities, is between the EF499 and the EF500. The EF499 is identical in shape and layout but differs by using a Philips-derived R2R DAC, which is cheaper but less performant than the Himalaya LE used in the EF500. Otherwise, the EF499 retains all the EF500’s features and is currently sold at around €350. The difference in sound quality is noticeable: the EF500 sounds clearer and more detailed, especially in the high frequencies, but also costs significantly more—nearly €200 extra without additional features.

Both amplifiers are ideal for those seeking a warm and musical sound, possibly with streaming capabilities. The choice will depend on the value of your headphones and your budget: with high-quality headphones, it may be worth spending more for the EF500, but the EF499 offers truly excellent value for money.

In summary, the EF499 is a DAC/headphone amplifier combo with unique features, positioned in a very crowded market segment (around €300–350). However, its use of an R2R DAC, powerful amplification stage, and streaming capabilities clearly set it apart from competitors. For those looking for a warm, musical DAC capable of driving planar magnetic or high-impedance headphones—and who may want to take advantage of modern music streaming—the EF499 is an excellent solution that won’t completely drain your wallet.