SMSL D200 Review: A Bold Experiment and Gamble That Redefined Value in DACs

I have waited ever since first hearing this DAC in Shenzhen a few months ago to truly listen to it at home. It is a new age, an SMSL 2.0 for this company. And they are realizing an underdog in an industry, a Japanese technology company Rohm, to be the heart of their new generation of DACs.

SMSLs Gamble and experiment

For now, it is known that AKM and ESS are pretty much rulers of the DAC market, with Burr Brown following behind them. At majority of DACs that use delta-sigma DACs, you can find some variant of their DACs in devices.

But SMSL did partner with Rohm, a company that exists for a long time but did not have any major presence in hi-fi components until 2010, where they started pivoting for high-end audio.

By creating high-grade components for DACs, CD players, streamers, etc. But their turning point was development of the BD34301EKV and BD34352EKV DACs, directly aiming at competition of AKM, ESS, and Burr Brown. Allowing amazing results, with proprietary precision analog know-how, extremely low-jitter digital modulation, careful current-output DAC architecture, audiophile-grade decoupling, and isolation designs.

And one of them is in D200, which is SMSL experimenting and trying something outside AKM and ESS. With a stable production line, focusing on smaller amount of DAC chips and idea to try to disrupt the market, certainly Rohm is more affordable chips with great lineage and not trailing behind the quality from peers.

But that is just the spirit of SMSL recently. They are currently investing a lot of resources into developing their own master clocks, even creating an individual unit that goes with this DAC, the SMSL G1, which is an oven-controlled crystal oscillator of the highest level in a box to improve your DAC on the go.

This is a tactic that recently Apple used with their own M line of self-made processors. They are applying a vertical integration, which allows a greater optimization and performance and enhanced control over their roadmap and ecosystem.

The more components SMSL starts building on their own, they could optimize them better. They can control for cheaper significant upgrades to system in future, by always creating a tailored experience to build around.

Build Quality, Features and DAC Chip

So the clock inside D200 is quality, a CK-03, but could be Better improved with external clocks via clock-in on this DAC.

And feature-wise, this is typical in this price range, nothing special here. You have balanced and RCA out, you have optical, coaxial, and USB in, and yeah, Bluetooth 5.2 with LDAC and aptX HD. Also, in typical SMSL fashion, there is MQA and MQA CD decoding.

It is 32-bit, 768 kHz, and DSD512… typical now but capable. It has a 1.9-inch screen, which is useful on closer distance rather than larger, even though numbers are decently big. One unique feature that SMSL boasts for this DAC is that it can show you lyrics on screen. But as screen is this small, I don’t see much benefit here, but okay.

While it does not have as much filters as ESS chip, there is a few of them. You have PCM filters, DSD filters, and four different sound colors, or again sound presets. You can use this device as preamp only, as it has decent NJU72315.

As you can see, it is nicely packed with features, nothing special, but it has everything you need.

But how about performance of this DAC?

Sound Quality

Well, I am happy to tell you that it is truly great. With an awesome price of 310 euros, it just outdelivers every DAC in this price range. And I did not expect this, to be honest.

As you know, there is a lot of great DACs in this price range, one of them being amazing Fiio K13.

If you want to know about the measurements, you can check, as always, user contributions of ASR forums. They are a bit technical but fun read that tells precise story. Someone even did a block diagram, and I will not spend much time here. There are impressive dynamic range and SNR numbers.

But that is one side. How about when I did side by side and 30 hours of music? You have to know DACs have character, and depending on their tonality and presence, you might like one more than another, completely independent from their numbers and performance. If you are in the camp of R2R, well you know, that one will be more for you.

But if you want delta-sigma chip design signature, which is more aimed to balanced neutrality and precision, this is that DAC, but with more emphasis on lower mids and upper bass.

What that means is we have clear, transparent DAC to conduct music, but with great dynamics to boost its scale, tipping it ever so slightly into bass and treble. And that is why I love this DAC so much in this price range.

I was honestly shocked from very first notes, and that is usually a good sign. But let me explain what that means. Usually with DAC it is pretty neutral affair, and only with continuous side-by-side comparisons and testing different music and gear you find nuances that separate device from others or don’t. As lot of DACs are conductors rather than superstars.

But this was right away like, yeah, it is a dynamic DAC. Look at that fullness of bass. It helps my speakers realize it effortlessly. So boost in decibels here is obvious; it was forcing my woofers and bass reflex to extract more air. But it was that very controlled bass, with details and precision.

It is by no means a magic box. If you have satellite speakers, these sonic upgrades are questionable. But any good speaker with enough cabinet space will definitely feel more reliable, pricier, and bigger in scope. And that is what it does: it gives well-controlled mass that is palpable enough with great textures so that drive of song and foundation becomes more solid. That hit of drum has weight and feel to it. Rock music has a drive that is really palpable.

But if that was it, I would probably just say this DAC is good and go buy it. But it also remains detailed enough and separates exceptionally well that it is also fun to observe things with this DAC. They are not super detailed, not super forward, nor will this be cutting-edge in this price range.

But I really never felt lacking in this area. It separates nicely, which is backbone of every great DAC. It creates room and space between instruments and voices, giving perception of great separation and individualization of instruments on soundstage.

Which makes music enjoyable to listen and analyze. Again, I will touch more about this in pairing and suggestion, but DAC is a conductor; it mixes with others. To get results, you have to have some other elements talented as well, which are going to be main voices for music that you listen. Remember that.

But surprisingly, I found it smooths midsection a lot. If you like that or not, which means more creamy presentation will be present here. That means mostly that your voices are going to be warmish, more eased out, sounding a bit smooth and relaxing. Nothing jumping at you, nothing forward, just nicely rounded, bigger, and warmer presentation. I really love how smoother and a bit weightier vocals are. They work great with both male and female voices. Female voices get that creamy feel, while male voices are more weighty.

Some problems

And it is not that clarity and transparency is bad. On the contrary, it is good. It truly is detailed, and textured treble helps instruments be more rounded and present, therefore creating perceived separation. But I think some other DACs, namely Topping, provide more here. It is just something to be mindful of.

And also, I don’t think there are bad points, just some are good but not on par with best of the best in this price range. And it feels that while your amp and speakers are dictating scope, width, and size of soundstage, DAC helps here too. DAC pushes that much decibels and details that soundstage can be perceived larger and airier than what you are used to from your speakers. And while soundstage remained on point, imaging especially around voice remained on point. In center, I never felt it was enhanced more than what I am used to in this price range. Again, good soundstage, nothing to write epic poems about.

But to summarize the sound, I think what D200 does exceptionally well is to remain vibrant, detailed, and colored in treble and bass, but remaining composed, clear, and enough organized that it feels clinical to the ear. That creates the best cocktail you can get in this price range. I really enjoyed it.

SMSL Stack

And also, it would be strange of me not to recommend the full stack of which this device is a part. There is a trio of amazing devices that have same form factor and can stack upon each other seamlessly, both visually and sonically. That is PL200t, a CD player, which in description of this review will be a link to my review, and PA200, which is a 400 W GaN amp. With all of them, you will get an amazing source-to-speakers chain that is brimming with value for 1200 dollars.

And if you want to add something which might not be so value-friendly but makes this combination even better with similar form, that is SMSL G1, an external femto clock for your DAC. It is not cheap, but it will improve performance of your DAC.

vs. Fiio K13 R2R

But I want to talk about a great competitor here, the Fiio K13 R2R. It is in same price bracket, very popular now, and a great choice. Trying to say which one is better is completely up to your personal taste. I will one day create a review for this unit, as it has been with me for some time, so I will keep it short and sweet.

Unlike delta-sigma of SMSL, it uses R2R ladder as a heart of device. And that choice brings good and bad. Usually, I cannot say that buying cheap R2R is a great choice, as its own more romantic, warm character can be very deterministic to overall quality of DAC. DAC should conduct and not be an amp or speaker that easily controls and places its warmth.

That is why in past we did not have a lot of cheap R2R DACs. But recently, here we are, as engineering was really tough. Fiio is not far from that. It is not your Topping or your Geshelli; it is not helping your system discover new frontiers of clear and present image. But it does help with soundstage, adds smooth sound, and makes music distinctly more pleasing, while still doing what DACs are supposed to do: clear, conduct, organize, enhance.

In that way, I prefer Fiio’s soundstage and lower register to D200. But D200 is more clear and extracts more details. Depending on sound signature you prefer, you can go with either, but both are really good in their price range.

vs. Topping E70v and DX5 II

And while I speak about Topping, let’s speak about one in close price range, the E70V. I would love more to talk about D70 and D70 Pro, which are amazing DACs, but there is a 250-dollar difference, and I like to keep things in line for 1:1.

E70V is now more than two years old. At first, it was a super nice combination of superb AKMs, inputs and outputs, and very nice screen. It is more lean, detailed presentation. Giving significant boost in higher registers. Nicely organized, clear enough, and great overall DAC. It remains engaging and detailed experience that enhances clinical listening and rhythmic sections.

But I would always prefer D200, as it is more dynamically rich while remaining smoother in mids. It is greater combination of clarity, soundstage, and details on both ends. I enjoy it as it is more entertaining DAC while remaining smooth and accessible. While E70V is more detailed and retrieves more insight into instruments and voices, which definitely goes in favor of E70V.

Another alternative is newest DX5 II from Topping. This is one I would say is best value. It is great headphone amp, preamp, and DAC. Absolute bargain for 300 dollars. Superb. While DAC is not on level of D200, I think it beats it a little bit in clarity and transparency. But knowing everything else it offers, it truly deserves commendation. Still, D200 is more dynamic and richer DAC.

Conclusion

So did this gamble and experimentation with Rohm DACs and self-developed clock pay off for SMSL? Yes, it did. Rohm found a place on market, and with a big manufacturer like SMSL, quality was pushed high for lower price. Giving SMSL a DAC and architecture that is amazing for much cheaper, hoping they can dominate the market one day. Self-developed clock is serious business in this budget-to-mid-tier DACs, allowing greater highs to be achieved with less manufacturing strain, giving SMSL mid-tier DACs significant boost for cheaper.

Now we have an amazing DAC that, in my opinion, is the best you can have in this price range if you search just a DAC option. It is greatly dynamic, smooth, and clear DAC that works with many different gear and integrates well. It separates well, gives instruments more detail and texture, and smooths voices in mix.

There are some options in this price range that might be more your cup of tea, but this one should always be in close contention in 300-dollar price range to consider.

Thank you for watching this review.

Keep daydreaming and see you in the next video.

✅ Pros

Sound Quality & Tuning

• Excellent overall sound quality for the price; clearly outperforms most DACs in the €300 range

• Dynamic and engaging presentation with strong macrodynamics

• Full, controlled, and textured bass with real weight and authority

• Slight emphasis on lower mids and upper bass adds richness and musicality

• Smooth, creamy midrange with warm, weighty vocals (male and female)

• Detailed and textured treble without harshness

• Very good instrument separation and layering

• Maintains clarity and neutrality while still sounding musical

• Balanced “best-of-both-worlds” character: dynamic yet composed, clean yet enjoyable

Value

• Outstanding price-to-performance ratio (~€310)

• Competes favorably with well-known rivals (Fiio, Topping) at the same price

• Feels more “premium” and mature than expected in this segment

Technology & Design Choices

• Rohm BD34352EKV DAC chip offers a refreshing alternative to AKM/ESS

• Well-executed delta-sigma design with excellent control and balance

• SMSL’s investment in clocks and vertical integration shows clear sonic benefits

• Internal CK-03 clock is high quality

• External clock input allows future upgrades (SMSL G1 compatibility)

System Synergy

• Scales well with better amps and speakers

• Works especially well with full-range speakers and larger cabinets

• Integrates smoothly into SMSL’s PL200 + PA200 stack

  
  

❌ Cons

Detail Retrieval & Technical Performance

• Not the most resolving DAC in its class

• Slightly behind Topping DACs in absolute clarity and micro-detail

• Treble detail is good, but not class-leading

• Imaging and soundstage are solid but not exceptional or standout

  
  

Sound Signature Preferences

• Smoothed midrange may not appeal to listeners who prefer very forward or analytical vocals

• Bass emphasis may be less noticeable or beneficial with small satellite speakers

• Not ideal for listeners seeking ultra-neutral, ultra-clinical tuning

  
  

Features & Usability

• Feature set is competent but not exciting or innovative for the price

• Limited filter options compared to ESS-based DACs

• Lyrics display feature is of questionable usefulness due to small screen size

• 1.9-inch display can feel small at typical listening distances