This is the S5II:

This is the S5IIx:

As you see the only esthetical difference is that the S5IIx has black brand markings.

via Roland Quandt

We also finally know what that S5IIx has what the S5II doesn’t: Apple Pro RES and IP streaming functions!

DC-S5M2

specification sheet

• 24.2-megapixel CMOS sensor
  , AR coat
  , sensor shift type dust removal unit
  , 14+ stops in V-log,
  5-axis 5-step in-body image stabilization
  , Dual.IS 2 6.5-step image stabilization
• JPEG/RAW/MOV/MP4
• H.264/H.265
• 6K 30p 200Mbps LGOP 4:2:0 10bit
• C4K 60p 4:2:2 10bit
• 3.68 million dots OLED viewfinder 0.78x 120fps
• Free angle monitor 3.0 type 1.84 million dots
• Image plane phase detection AF / Contrast AF
• DFD technology
• AF -6EV – 18EV
• ISO 100-51200
• Extended ISO 50-204800
• Dual Native
  , Normal ISO 100/640
  , V-Log ISO 640/4000
  , HLG 400/2500
• Mechanical shutter 1/8000 – 60 seconds
• Electronic shutter 1/8000 – 60 seconds
• Continuous shooting speed
  ・Mechanical maximum 9 fps
  ・Electronic SH 30 fps H 9 fps
• Video function
  ・Vertical position
  ・Level gauge
  ・Knee control
  ・Waveform monitor
  ・Anamorphic de-squeeze display
  ・HLG view assist
  ・LUT view assist
  ・Color bar
  ・Luminance level
  ・Live crop
  ・Stop motion animation
• USB-C 3.2 Gen 2
• HDMI A 4:2:2 10bit C4K 60p
• 3.5mm microphone headphone
• SD card dual slot
• 2.4/5GHz Wi-Fi
• Bluetooth 5.0
• Fan Auto/Auto2/High Speed/Normal/Slow/OFF
• 2200mAh battery
  , 370 still images
  , USB power supply, charging
• Battery Grip DMW-BGS5
• Dust and splash proof
• Size 134×102×90mm
• Weight 740g

DC-S5M2X

• 24.2 megapixel full-size sensor with effective pixels
• 6K30P video (full size)/4K60P video (APS-C size)
• Supports Apple ProRes recording
• Supports IP streaming function (Wi-Fi, USB, wired LAN)

LUMIX S 14-28mm F4-5.6 MACRO

• Lens construction: 14 elements in 10 groups (1 aspherical ED lens, 1 aspherical lens, 3 ED lenses, 1 UHR lens)
• Shortest shooting distance: 0.15m
• Maximum magnification: 0.5x (at 28mm) / 0.25x (at 14mm)
• Filter size: 77mm
• Size: φ84 x 89.8mm
• Weight: 345g
• Dust-proof, splash-proof, and freeze-proof specifications

via Asobinet

Digicameinfo confirmed the following products will be announced soon:

• LUMIX DC-S5M2
  – Body/Standard Zoom Lens Kit/Double Lens Kit-
  Scheduled release date: February 16, 2023
• LUMIX DC-S5M2X
  – Body/Standard zoom lens kit/Double lens kit-
  Scheduled release date: Late June 2023
• LUMIX S 14-28mm F4-5.6 MACRO
  – Model number: S-R1428
  – Release date: March 16, 2023

The surprise now is to see that S5II X model. Maybe a higher Megapixel version of the S5II?