Just got a Fedex from Aoshida-US and it had the new SMSL DO200 Pro. My daily driver is the SMSL D-6s, so this sounds identical, but has more inputs and the nice IPS screen. The filters are named different, and no color options like many of their other DACs.
There's:
Fast+Latency
Fast+PHComp
Slow+Latency
Slow+PHComp
Non-Sampling
It's got 12 CS43131 chips and 5.2v output (I have a Topping D30Pro with 4 chips, and it looks like put twelve in this just to show them up. I'm testing it with a Topping A90D Discrete and have an A70Pro to try it with later. It's longer than the A90D and not as wide, but I think it might fit better under the A70Pro. I have an SMSL SP400/M400 and will see, it looks like that shape and size if you get one for a stack. To be honest the much cheaper SMSL DL200 is a lot more versatile since any size amplifier will fit on top of it (except some Gustard stuff which are usually huge). Functionally there's no tick sound when switching bit rates like the DL200 and D-6S. The volume wheel is smooth and remote is infrared and range is good. I'm using the default filter since the 12 chip design doesn't have measurements yet.
I've got a DO400, and CO300EX and as a DAC there's just no difference. If you have a music library of different bit rates, you'll like the silence when switching. The Bluetooth 5.1 works well, I have a 5.1 adapter on the PC just for testing. The Google Pixel has LDAC and it's fine too, even bringing the phone into the other room to get it as far away as possible.
I'm sure this well measure well, but which filter is best remains to be seen (heard). I just don't see how Topping is going to be able to get $900 for the new D90 III with the same performance for less than half the price. Judy at Aoshida said the MSRP for these is $549, but I got this one for $399. The Summer Sale on Aliexpress is coming up, so if you wait and rack up coins in the meantime, then use a cashback card to double the warranty, and the coupons for the sale stacked too, you can bring the price way down. To give an idea, on the last Summer Sale I got a Topping A70Pro for $350 and a DL200 for $133 after doing those things. If you have a tax certificate for business, register it at Alibaba and then you'll be exempt at Aliexpress as well.
Overall, if you need this form factor and connectivity, it's a really nice DAC. The lack of color options is strange at this price point though. I'm going go play Destiny 2 as an excuse for "further research" with it. Just check dimensions if you want to run a stack because the length and width aren't that compatible with Topping stuff, or many of their other products. I had the H300 that SMSL took to a previous Can-Jam and that would fit nicely under it. The bottom center runs really hot, so a vented monitor riser is highly recommended on that. The DO200 Pro DAC runs cool as you'd expect (unlike the Gustard X26Pro with two 9038Pro chips in current mode, that will keep your cat warm). Sorry I forgot to take the plastic film off in the photo
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