You have already seen that the codec is different as it has the H.265 option, which the 2CD2032 cameras do not, they are limited to H.264
The 2xx5 cameras have a quite different SoC (CPU + video processor / DSP, it's the HiSilicon 3516a) so it's not surprising there could be differences in compatibility.
Codecs are in part software, and in part hardware in terms of functionality. While say, in Windows, you can always change up codecs. XP systems for example out of the box can't play modern file formats (remember when QuickTime MOV was the industry standard?). But, throw on VLC or some other player, and voila, it works, yet the underlying system (XP) is the same. Embedded devices don't have that luxury, and are often hardware limited. As
@alastairstevenson said, just because both cameras are part of the Raptor 2 series, the internals are not the same. Even with the same version of firmware, the featureset/capabilites can be significantly different by model. Clearly there is a reason for the "+" in the codec name and your NVR apparently doesn't tolerate it. I haven't had the time to do extensive research on the latest Hikvision changes besides what affected newer systems I am installing, so I can't elaborate further to help you, but you're on the right track in terms of finding the problem. I'm just not sure that the firmware will make a difference as generally since 5.2.0 there have been absolutely no major changes or improvements besides regional restrictions growing stronger. As long as you understand the risks, go for it. Just learn to live and breathe
TFTP, that is your knight in shining armor with Hikvision devices.
I Have read firmware changelogs over the last year or two and do remember at one time H.264+ was implemented on 2xx2 devices at some point which was an improvement in bandwidth consumption and compression over H.264. That does seem to imply that the codec change is in the firmware, and that very well could be the case. I guess trial and error is okay, even if the seller can't give you firmware downgrades, if they can at the very least supply you with English firmware of what is on it now, that's definitely a spectacular fallback knowing that no matter how bad you screw it up, you can always bring it back to its original state as purchased.
...Starbursts come in Watermelon and Strawberry. I like strawberry but not watermelon. On the outside, both are pink and square, but on the inside, they're not the same flavor. That's how I see those 2 camera models side by side. That's the best I can come up with.