I don't know, but it's not out of the question.
I looked around for another point of comparison, and remembered Zebralight, a trustworthy brand, sells a couple of red headlamps that they give detailed specs for. In it's most efficient mode, the performance they indicate for their H502r works out to 59 lumens/Watt.
The chip you found is claiming 65 lumens per Watt, without any losses for a driver, or optics. Being close to the level of efficiency Zebralight claims, that seems potentially credible.