Just received the Mi Box S, was impressed so far as to how much better it was than our "Android-based" tv box, but it couldn't play a majority of my media library, mostly H264 High-10 content. Both VLC and MX Player couldn't play that without stuttering. On MX Player, only SW decoder was supported, and checking the decoder settings, it says that hardware decoding is not available for 10bit H264.
Does that mean I'm out of luck?
Yes you are out of luck.
10bit h264 aka Hi10P Anime is a "scene" legacy codec all dreamed up to prevent color banding in the early days of Anime releases. It is non standard.
And it really is redundant in a 10bit HEVC encoding era.
Only device that I know of that natively hardware decodes 10bit H264 are the recent Rockchip RK3328 and RK3399 devices with certain OS releases.