You should qualify what "playing natively DSD without intermediate conversion" means. To the best of my knowledge, conversion from DSD to analogue was hardly ever made without signal processing of some sort since day one of this format. But if you means decimation of DSD to low sample rate PCM for the purpose of conversion to analogue, that is actually a very rare occurrence.
If you wonder what happens when the 10 bands parametric equalizer is used, that is an entirely different topic. If you intent to do some equalization on the audio pass-band directly on one bit data in the digital domain, you obviously end up with lengthier numbers than one bit, which is very very taxing for processing power. According to the relevant picture published on the Audiophonic webpage about the Topping D900, the parametric equalizer works only on PCM input up to 32 bits/192 kHz, if I understand it correctly:
So, no miracle indeed at this price point and silicon bill of material: no direct computing on one bit data can be performed in this DAC when the PEQ is to be used.
See my post. That R2R section is quite clearly not a single bit modulator. It looks like a multi-bit modulator just like all the chips do because single bit modulators have inherent limitations that make high THD+N practically impossible.
Okay, looked deeper. Its thermometer coding. Effectively its a 5 bit quantizer with dynamic element matching just like any chip level DAC. There is nothing really 1-bit about this other than the marketing which as we know is highly effective with audiophiles.