My comparison is done with Muses01 in Zishan LPF, and Muses02 in D200 amp output (2x Muses8920 in LPF). D200 has slightly less bass in quantity, but higher in quality. Zishan has some mid bass bloom (like walnut) which creates some nice slam and body, but sacrifices tonal qualities, while the D200 is leaner (only slightly) and also slightly less defined bass (smoother), yet the sub bass tones are more apparent in the D200, even though they are not forward in volume. It is not a bass heads player, the walnut and Zishan are better for that. The D200 is very balanced, details are better presented against a black background, it is also flatter in presentation, the bass, mids and treble are more accurate in tone, timbre and texture, D200 is just more realistic in every way imo. The Zishan sounds slightly more "3D", and at first you find this impressive, but when you compare to D200, which sounds flatter at first, but soon you realize the Zishan is a fake 3D, the sounds do not have accurate stereo field, just mish mash 3D, more forceful but less refined, while it sounds more "fun", an audiophile in search of accuracy will take the D200 presentation everyday. Also fine detail is easier heard in the D200, it is more revealing of your source file, for example, MP3 sounds better on Zishan than D200, for D200 minimum is 16/44 imo. But the D200 UI is pretty bad, and misses inputs sometimes, needing two button press to recognize input sometimes. But the PCB and soldering on the D200 is much higher quality than the Zishan. Also volume pot of D200 is higher quality, it has nice smooth gradual increase in volume, while Zishan goes from low to high volume quickly at the beginning of the pot. I will be selling my Zishan as D200 is better though. If anyone wants a cheap Zishan then let me know. Just keep in mind D200 is actually quite a bit bigger than zishan, it is not very portable. Fyi, Walnut is still far and away the best value, you gain higher sound accuracy by spending on these more complex daps, but really you don't actually gain
that much enjoyment from accuracy, the Walnut sound is about as enjoyable as daps get really, regardless of price. The D200
is more likely to give you goosebumps due to it's higher realism though, but the Walnut is just groovy and simple.
D200 on Taobao:
https://world.taobao.com/item/520794156511.htm
Also lets remember D200 has swappable amp! One of the only daps around with this, my impressions are with Muses02 used, but there are other opamps out there with more bass, I haven't tried AD827SQ or any others yet. Going to be fun times with D200.