The orange color is probably only used for visibility and a test prototype. I have seen Babur missiles in camo.
You know the test prototype of this missile are also orange and white.
The pictures are grainy, but first impression is definitely that the missile looks sleeker compared to bulkier Ra'ad I. Looks like aerodynamics got improved drastically. This makes sense if it is going to be integrated with JF-17. A lethal combo. JF-17 is already getting a massive upgrade due to Block 3. With such additional improvements the JF-17 is a different animal all together.
These upgrades is what sets our JF-17 apart from others. It is a true multirole fighter. Such weapons upgrades also add more teeth to our existing platforms.