Xiaomi has now affirmed that it has a second-gen round-faced smartwatch ready to launch, and that it will be called the Watch Color 2 in its native China. This potentially substantial upgrade compared to the original Color is now set to debut alongside the OEM's latest smartphone sub-brand soon.
https://www.notebookcheck.net/Xiaomi-confirms-a-launch-for-the-Watch-Color-2-on-the-same-day-as-the-upcoming-Civi-series.565021.0.html