Hello. I would like to share my impressions on the HDA-5210MK4, the top-of-the-line headphone amplifier from Bakoon Japan, currently sold under the name Satri Circuit Laboratory. I had heard about it through a strong recommendation from
@Nostoi and had the opportunity to listen to it at one of the shops in Korea where it was exhibited

The setup at the shop was connected to a Chord Hugo TT2 DAC, and music was played from a regular laptop using Tidal. Before sharing my impressions, I must mention that the headphone I use every day at home are Hifiman Susvara. Unfortunately, I could not bring it to the shop due to personal schedule issues on the day of my visit.
Also, for reference, my current home setup consists of Zahl HM1 and Enleum Amp-23R connected to a Holo Audio Spring 3 KTE DAC.
Please understand that the comparison between these amps and the 5210MK4 may not be accurate due to differences in DAC and cables.
With that said, let's begin.

The first headphone I listened to was the newly released YH-5000 from Yamaha. Since there was no place to listen to the 5210MK4 at first, I listened to it first with my own Hiby RS8 DAP. The headphone itself was very light and comfortable to wear, but in my opinion, the tuning was a bit off. The sub-bass was too weak, and a certain part of the treble was overly emphasized, resulting in a lot of sibilance. In short, it was a tuning that couldn't be comfortably listened to for a long time.
When it was finally my turn to listen to the 5210MK4, I first listened to it with the voltage output. Compared to my RS8, it was immediately noticeable that it was superior in terms of soundstage and resolution, and that the output was sufficient. However, the missing sub-bass and excessive sibilance that I had heard on my RS8 were still present. Next, I listened to it with the current output, and surprisingly, the soundstage expanded even more, and the lacking sub-bass was slightly enhanced while the tiring sibilance was significantly reduced. However, I still think that the tuning direction of the headphone itself was incorrect.

The next headphone I listened to was the Focal Utopia 2022. First of all, when I listened to it through voltage output, I was impressed by natural sound, spaciousness, and strong bass impact, and I could hear them loud enough at around 50-60% volume. When I switched to current output, the sound stage expanded as the volume decreased a little, but the bass became too overpowering and IMO didn't match well with the Utopia 2022.

Next, I listened to the Dan Clark Audio Stealth, which I had previously heard before with the Fiio K9 Pro ESS. At the time, I felt that the sound was quite flat, but had excellent resolution and a spacious soundstage despite being a closed headphone. When I first listened to it through voltage output, I had to turn the volume dial up to around 80% to hear the sound at a sufficient level. I felt that it had even better resolution and a more natural sound than when I had previously listened to the K9 Pro ESS. However, when I switched to current output, the sound became distorted and the overpowering bass made it impossible to fully appreciate the headphones. It was a completely different feeling from the YH-5000.

The next headphone I listened to was the Dan Clark Audio Expanse, which was an open-back version of the Stealth. Compared to the Stealth, I needed a similar volume level, and because it was a open-back, it had an advantage in openness and spaciousness compared to the closed-back Stealth. However, the bass, which was already a little lacking in the Stealth, became even weaker in the Expanse, so I preferred the Stealth to the Expanse. When I listened to it through current output, I noticed the same issue with the sound becoming distorted as in the Expanse.

Lastly, I listened to the Sennheiser HD800S headphone, and as I have seen in other Korean user's review (
https://cafe.naver.com/drhp/1729035), it was really impressive when paired with the 5210MK4. When I first listened to it through voltage output, it only required less than half the volume of the other headphones I had previously listened to, and also showed impressive bass, soundstage, and resolution. When I switched to current output, something magical happened. The soundstage, bass, and natural feel were further improved, and the sharpness of the high frequencies was smoothed out just enough, resulting in a sound that was incomparable to the HD800Ss I had heard before. It was really the best combination of headphone I had listened to that day.
Please note that the following comparison of 5210MK4 between my Enleum Amp-23R and Zahl HM1 cannot be completely accurate as I could not directly compare them side by side. Comparing the Amp-23R to the 5210MK4 based on my memory, I think that both amps have similar resolution, but the Amp-23R has a slightly narrower soundstage and a stronger emphasis on the lower-end and slightly smoother higher-end in terms of tonal tuning. In terms of naturalness and technical aspects of soundstage, I think the 5210MK4 is slightly better, but I prefer the tuning of the Amp-23R, which is more fun and powerful in the bass region. Moreover, in terms of output, I think the Amp-23R is superior to the 5210MK4, may be due to the fact that Amp-23R is originally intended to perform as a passive speaker amplifier. I think that 5210MK4 may struggle to drive hard-to-drive headphones with low impedance and low efficiency. And I have seen a review in Korean audiophile community regarding that 5210MK4 is not powerful enough to fully drive Hifiman Susvara. (
https://cafe.naver.com/drhp/1734158)
Comparing the HM1 and the Amp-23R, I think the HM1 is better in terms of resolution, soundstage, tonality, and output. However, I think the 5210MK4 has an advantage over HM1 in naturalness and airyness. Please note that these comparisons may not be entirely accurate due to differences in environmental conditions and the headphones used.
To make a more accurate comparison between amps, I think I need to test the 5210MK4 with the Hifiman Susvara, and I plan to revisit the shop soon with the Susvara.
Thank you for reading!