Part I: Topping DX9 "15th Anniversary" Limited Edition DAC & Headphone Amplifier - build, features, listening impressions & subjective luxury.

As many audiophiles will remember, the well-known DAC chip maker Asahi Kasei Microdevices (AKM) suffered a massive fire at their factory back on October 20, 2020 in Miyazaki Prefecture, Japan. This resulted in a shortage of their chips for awhile until they rebuilt the plant and started offering devices again by the end of 2021.

In June 2021, AKM issued a "last time buy" notification for final stock of a number of their products. This included their top-of-the-line DAC chip, the AKM AK4499EQ which was initially released in January 2019 and had made its way into a number of devices over the ensuing couple of years. By later 2021, some devices like the HiFi Rose RS150 had to transition to ESS. With 4 channels, a published THD+N of -124dB (mono mode), 137dB SNR in stereo (140dB mono), DSD "direct" (volume bypass), this chip remains a formidable converter even in 2025 with newer generations of AKM and ESS chip DACs. While audiophiles and manufacturers like to talk about discreet DACs like R2R stuff or custom "Ring" DACs, or DSD-processing DACs (like Meitner products or Playback Designs), while I'm sure they sound great, there is no evidence that these are capable of achieving better objective resolution than state-of-the-art converter chips from semiconductor companies with significant R&D resources.

For comparison, based on company specs, the current premium DAC chips are ESS's ES9039PRO rated at -122dB THD+N mono, and 140dB SNR mono. And AKM's current flagship, the 2-channel AK4499EX DAC released in 2021 listed as THD+N -124dB and SNR 135dB stereo (138dB mono). The AK4499EQ as a 4-channel DAC is a much more complicated chip than 2 AK4499EX's because it also incorporates the sigma-delta modulator internally while the AK4499EX needs to be fed 7-bit modulator data at 5.64/11.29MHz from a separate source like the AK4191EQ ΔΣ Modulator!

So, basically, as a single chip, the discontinued AK4499EQ after only about 1.5 years in production, remains the highest performing device among its peers after all these years; on paper at least.

And that's why I bought one of these for my system - the Topping DX9 "15th Anniversary" Limited Edition DAC & headphone amplifier (US$1299, CAD$1900, depending on tariffs you might do better ordering from China through AliExpress):

This is Topping's flagship DAC, released in late 2023. It's said to be limited edition due to the restricted number of DAC chips; I connected with Topping and was told in total they made about 1800 units.

I bought this unit from the usual retail channels and have no affiliation with the company.

Perhaps unlike other DAC reviews you might have read, let me start by saying that I wanted this DAC not because of how it "sounds".

No dear audiophiles, good high-fidelity DACs these days already are expected to sound transparent (as discussed recently). I'll discuss some listening impressions of course as a matter of convention, but the job of subjective listening these days for products as mature as DACs isn't to tell you how supple, or amazingly nuanced, or phenomenally noticeably great the sound quality is, IMO! The job of a reviewer is to critique for things that one didn't like about the device, be it subjective look 'n feel, user experience, or noticeable unexpected poor sonics like noise or tonal coloration.

I wanted this DAC because it looks cool, appeared very well built, uses quality components, implements unique components, has all the features I could want in a "high-end" device including a headphone amplifier with plenty of power and promises very high resolution digital-to-analog conversion quality. While this Topping isn't a "megabuck" device at US$1300, it's not inexpensive for a DAC which is why I appreciate spending a bit more money on the "luxury" aspects of appearance and build. I trust many of these reasons listed are the same as why one might want a fancy watch, a luxury car, or my wife might be attracted to higher-end handbags or shoes.

In line with this being a higher-end device with luxury aspirations, Topping did a nice job with the packaging. There's not much to see on the outside other than a thick all-black box with the word "Topping" embossed on the top. But the moment you open it up, the DAC is sitting there nestled on a bed of satin:

Accessories are tucked underneath and this is what you get when laid out:

There's a little pamphlet with some QR codes to scan for the online manual. Bluetooth antenna, USB2.0 A-B cable, a 1/4" (6.35mm) to 3.5mm headphone adaptor, generic IEC power cord, and the remote controller. Notice the little Allen key in the bag which is used to unscrew the bottom of the remote to open up for single CR2032 battery replacement.

As you can see, I got the black model which will look nice in my home theater sound room. The silver version looks great as well but I prefer to keep my audio gear black if possible and I think for this DAC, the all-black exterior is nicer than the silver since there's a black border around the OLED screens which I'd rather blend in with the enclosure.

The enclosure is made of CNC-machined aluminum. It feels solid, weighing in at just over 6lbs - 13.4" (34cm) wide, 8.8" (22.5cm) deep, and 2.4" (6cm) tall. The matte black finish doesn't attract fingerprints. It has metal footers with soft non-slip pads at the bottom.

The remote is a Topping RC-22 (also available separately for ~US$23 for other Topping DACs) which is another nice chunk of CNC aluminum, rubberized buttons, with a small red LED to indicate signal when button pressed (and lets you know when battery needs replacing). This is the nicest remote I've used among the Chinese audio DAC brands. A quality remote is only to be expected at this price point.

Let's have a peek at the front of the unit plugged in:

We have a power/SEL button to the left which puts the unit to sleep or lets us enter the menu. Then there are the dual 2" color hi-res OLED screens with the "Aurora UI" for setting controls. Visualizations include a VU meter like the "classic" style displayed above as well as a modern dark bluish one which is less ostentatious and less distracting in a dark room. You can also set the stereo screens for FFT display if preferred. Brightness level adjustable. There's a setting to swap the screens to have menu adjustment on the right display.

The large central push button control knob has a low-resistance tactile indented feel when turning; I wouldn't mind just a little more resistance to the feel although this is fine. Pushing the large control knob while in the main display screen will cycle through the digital inputs. Pushing the SEL button gets us into the settings menu at which point the knob will scroll through the menu item. The settings interface is very easy to maneuver and laid out logically; anyone should be able to figure this out without looking at the manual.

The control knob is also used for volume adjustment performed through a hybrid digital + resistor relay network to maximize dynamic range (minimize noise). An excellent feature "perfectionist" audiophile enthusiasts will appreciate. One can hear the relay click every 6dBs.

To the right are the headphone outputs: 1/4" (6.35mm) single-ended jack, 4.4mm TRRS balanced, and 4-pin XLR balanced. The headphone outputs are powered by six discrete NFCA (Nested Feedback Composite Amplifier) modules said to provide up to 3.3W x 2 into 16Ω <1% THD+N unbalanced, and 10W x 2 into 16Ω <1% THD+N balanced. The performance of these headphone outputs are said to be equivalent if not exceeding that of Topping's A90 Discrete (US$599) which has four of these NFCA modules.

Let's have a look at the rear:

Gold plated RCA connectors under the black rubber protectors.

Starting from the right, we can see that the power supply is integrated into the box so there's the standard IEC input (no wall wart/power brick here) with protection fuse (hmmm, I guess one could play with "audiophile" fuses? 🤣). The internal switching power supply can handle worldwide voltages. There's a 12V trigger so you can connect this to your power amps to turn on/off, or to turn the DAC itself on/off.

Digital inputs include 1x AES/EBU, 2x S/PDIF coaxial, 2x S/PDIF TosLink, 1x USB 2.0 (UAC1.0 or 2.0), and 1x IIS-LVDS (HDMI connector for I2S, some settings in Advanced menu for pin configuration similar to D90SE discussed previously). There's also the Bluetooth 5.1 wireless input based on the Qualcomm QCC5125 chipset with support for SBC, LDAC, aptX, aptX Adaptive, and aptX-HD. No mention of AAC. (For more, see discussion of Bluetooth codec measurements awhile back with device also based on QCC5125 chip.)

Analog outputs include two sets of stereo balanced XLR and unbalanced RCA. The line outs are spec'ed as XLR 4.2Vrms, 100Ω impedance and RCA 2.1Vrms, 50Ω. The pre-amp outputs have low/high gain settings and can push the signal to 4.2/8.5Vrms (14.7/20.8dBu) RCA and 4.2/16.6Vrms (14.7/26.6dBu) XLR, nice. The high gain pre-amp mode will allow the DAC to be used with power amps that have lower voltage gain like the Benchmark AHB2. In the settings you can have all the analog outputs activated including headphones + pre + line, or select them individually, presumably to maintain lowest noise; not sure if turning outputs off changes power utilization.

In use, the unit gets only mildly warm after a few hours. I see 15W on the Kill-A-Watt meter when turned on regardless of what it's playing.

Of course, it would be remiss of me not to spend some time showing what Topping calls the glass "panoramic sunroof"!

Still haven't ripped off the protective plastic protector yet.

We see a block diagram printed on the tempered glass with a "road map" of the components inside including the power section, DAC, Bluetooth chip, 3rd generation XMOS XU316 USB controller, AK4118 SPDIF receiver, NFCA headphone amps, Altera (Intel) Max II CPLD, etc.

This all looks really nice when plugged in with the LED glow turned on (option to turn off and low/medium/high brightness):

I've seen one owner complaining that their capacitors were a little tilted and wasn't esthetically perfect looking through the glass window, mine looks fine.

I made sure to update the firmware to the latest version 1.22 before listening/testing. (My unit came with 1.20 pre-installed which means it must have been built June 2024 or later.)

The firmware update procedure is interesting. Plug the USB into your computer and turn the back power switch off. Then press down on the large volume knob while flicking on the rear power switch. It goes into "DFU mode" and on your computer, the DAC shows up at an external small-capacity USB drive. Download the firmware and unzip. Copy the "DX9_FW?.??.Topping" file into the USB drive and it'll automatically update according to the ReadMe. Something I found was that the auto-update didn't work with just a copy of the file. What I ended up doing to trigger the update was to unzip the firmware directory into that DX9 USB drive then cut the "*.Topping" firmware file from the directory and paste it into the USB drive root which kicked off the update procedure.

As usual, I installed the DAC in my audio system for a listen before taking it to the measurement test bench. As such, I might as well discuss subjective impressions first (unlike my usual procedure of measurements then subjective listening section).

Subjective listening impressions

For highest resolution 2-channel listening, I connected the XLR pre-out from this DAC to the excellent Topping PA5 Mk II+ amplifier (reviewed previously) to my Paradigm Signature Reference S8 v.3 speakers. I used my fanless Intel i3-N305 MiniPC as USB source and Roon endpoint. While I prefer room-correction DSP be applied and this simple set-up takes out the important subwoofer, it's as basic a system as possible in my sound room and represents the minimalist approach to hi-fi favored by some.

How does it sound? Really good as a high resolution DAC should.

As usual, I prefer the linear phase sharp roll-off (F-1) filter setting rather than the default minimum phase sharp roll-off (F-3) for my listening.

Cover image of Japanese actress/model Sayoko Yamaguchi.

Starting with some "classic" audiophile tracks, let's have a listen to Steely Dan's Aja (1977, I listened to the 1990 first CD pressing, DR14). This album is to me the epitome of pristine pop/rock/jazz fusion. The production embodies Fagen and Becker's obsessive studio work incorporating solos from Wayne Shorter on tenor sax, various drummers including Steve Gadd and Jim Keltner, Chuck Rainey bass guitar, Larry Carlton and Lee Ritenour guitars, Timothy B. Schmit backing vocals, among many others contributing to this impressive work depending on the track.

The sound from the Topping DX9/PA5 amp/Paradigm speakers sounded lush and extremely "clear" in character. While the frequency response is quite flat at 1m (as measured when I did the ferrofluid change recently) I know that my Paradigm speakers can be a little on the brighter side at the listening sweet spot in my room without DSP. I've typically found that the tonality and clarity of the album can sound a little "sterile" if you have brighter speakers. It has been said that the sound on this album reflects the West Coast "LA sound" of the '70s (read more about it here).

The singles "Deacon Blues", "Peg", and "Josie" all are great examples of the seamless fusion trademark sound of Steely Dan. My favorite is "Josie" with that playful guitar work and funky propulsive rhythm. Interplay between the synth, piano, and guitars provide a nice test of mastering quality and digital-to-analog conversion presented in high dynamic range, spread over a wide soundstage, with lovely textures and pristine timing. A nice way to end the album.

Next, let's go country/pop for a little bit with Kacey Musgraves' Pageant Material (2015, DR8 stereo, DR13 multichannel/Atmos). While it didn't win, this album was nominated for best country album both at the CMA Awards and Grammys about a decade ago now. It's Ms. Musgraves' second studio release. In times of stress and uncertainty, it's good to enjoy some easy-to-listen country/pop.

While not sporting the highest dynamic range, this album was recorded well and can serve as a good female vocal example representative of modern mastering. On tracks like the title "Pageant Material", there's nicely forward-centered female vocals, widely-panned electric and acoustic guitars, with the bass guitar more centrally positioned with depth layering among the instruments.

Among the love songs and coming-of-age self-assessment, there's some more serious content here like "This Town" about challenges like substance use. It's great to hear Willie Nelson on the last track "Are You Sure", a duet remake of Willie's original song from the 1960's; I believe first released in 1965 off Country Willie: His Own Songs. A nice slow jam for audiophiles to compare and contrast the female/male vocals, clean acoustic instrumentation, good soundstage width and depth.

The Topping DX9 sounded fantastic with the placement of vocals, rendition of the country twang, contrasting beautifully the vocals of Ms. Musgraves with its youthful energy and the earthy, nasal, complex tonality of Mr. Nelson on that last track.

Okay, let's get a little heavier with Arcade Fire's WE (2022, DR9 stereo, DR13 multichannel/Atmos). Fantastic synth-rock which I had unfortunately missed when it first came out a few years back! I gotta say that Arcade Fire has been consistent quality-wise over the years and this is one of my favourites (maybe after The Suburbs).

There's a nice flow to this album as it sucks the listener in with the sweetness and lyricism of "Age of Anxiety I" exploring existential uncertainty (the music was written during the COVID pandemic), ebbing and flowing in its intensity with complex synthetic layers. There's a "grandness" to the music which I quite enjoy. I also love the '80s-like vibe throughout this album.

It's presented in 2 halves - "I" and "WE" with the first part being more inwardly psychological and the second part a resolution of sorts looking outward for the hope of societal unity. Note the upbeat "Unconditional II (Race and Religion)" - second last track on this album with Peter Gabriel. A very danceable pop tune with use of "surround" digital effects, vocal expansion, intentional distortions, etc.

When presented with material like this, the system with Topping DX9 DAC didn't skip a beat with its ability to extract the complex production including some nice deep bass. This is definitely not a "thin" or "cold" sounding DAC when your material demands bass authority and warmth.

Let's end this little exploration of a few albums with a classical recording of Chopin - Études (Op. 10 & 25) by the young S. Korean pianist Yunchan Lim (2024, DR12 24/192 stereo). What phenomenal technical mastery and expression! Very nice hi-res recording.

Check out the speedy, dynamic, expressive finger work on Op. 10 No. 4 "C-Sharp Minor Torrent" for a taste of the virtuosity. Wonder "breathing" flow of Op. 10 No. 10 "A-Flat Major". Here's a concise review of the album on FT.

As expected, modern DACs like the DX9 easily handle hi-res 24/192 content. The precise piano attacks and tonality are easily appreciated with the slower pieces like Op. 25 No. 7 "C-Sharp Minor Cello". These slower études also allow us to asses the smooth decay of the notes and more meditative pace while occasionally punctuated by dynamics and speed. 

Beyond the subjective superlatives, most importantly, I did not hear anything objectionable through the Topping DX9 → PA5 Mk II+ amp → speakers basic system. No issues at all with the computer USB interface. Topping's ASIO driver installed and worked without fuss. No clicks, noises or any strangeness when switching between sample rates.

To be honest, these days, I get a bit bored with a simple set-up (DAC → power amp → stereo speakers), so a couple of nights later connected this DAC to the XLR input of my Integra DRX-8.4 receiver for multichannel upmixing, Dirac Live Bass Control room correction, and bass managed with dual subwoofers out.

Upmixed stereo input either through Dolby Surround Upmixer or Auro-Matic to me resulted in a more palpable, three-dimensional rendering of the very clean, full-bodied output from the DX9; personally preferred over just straight stereo.

The Electric State (2025) was a bit of a disappointment as a movie but the soundtrack by Alan Silvestri sounds alright.

While I'll more likely be using the line outputs, the DX9's headphone output really is quite special and a joy to listen to. It's likely the best performing headphone amp I currently own; will check with measurements later.

The first thing I noticed was that the output is remarkably silent with no hiss or distortion when music is not playing. Above, I have the OG Sennheiser HD800 connected to the single ended out and the Mass+HiFiMan HE-4XX planar magnetic to the 4-pin balanced playing simultaneously. Although there are level differences, it's easy to A/B the headphones. For example, it's easy to hear the relative sparkle of the HD800 compared to the darker, more bass-heavy HE-4XX. While the HD800 is an excellent example of hi-fi clarity, admittedly the warmer HE-4XX might be preferred when I just want to relax and enjoy the tunes.

Size comparison of Topping DX9, RME ADI-2 Pro FS R Black Edition ADC/DAC, and Sabaj A20d 2022 DAC.

Summary... Part I

Hope you enjoyed this initial look at the Topping DX9 DAC. I think it's quite a stunning flagship product. "Limited Edition" to around 1800 units total made, at least in part due to the availability of the AK4499EQ DAC chip. As of this writing, this DAC is still available new for those looking for what could very well be their "endgame" USB/SPDIF/I2S converter.

The execution of this DAC appeals to me as a technical enthusiast. There's impressive technology here with the dual hi-res color screens, high performance parts including the aforementioned state-of-the-art rare AKM converter, hybrid volume control, and phenomenally powerful discreet NFCA headphone amplifiers. It also appeals to my esthetic side with the stunning appearance of that CNC-machined aluminum case, the see-thru glass top with amber LED lighting, responsive metal remote, and of course the cool visualizations (VU meter, FFT, data on the digital signal). This is a DAC that was created not just to be heard but seen! 

[Pssst... Topping, if there's a way, why not put a few more UV / FFT visualization styles/color options?]

Yes, this unit costs more than many other DACs. To me, this is what "luxury" looks like and sounds like as a "more objective" audiophile! I don't mind paying a bit of a premium so long as we retain good value as defined by the appearance, workmanship, parts quality, features and objective performance which Topping has long promoted as part of their material on these products.

As a picky critic, other than wishing for more VU/FFT display variations, the only mild complaint I have is that I thought there was a little too much "give" with the 4-pin headphone XLR connector when pushing in the headphone jack. I would have liked to see a bit more reinforcement around that port.

Among High-End Audio products, the price of the DX9 is downright "cheap"! In a world where MSB DACs start at no less than US$12k, the least expensive dCS LINA at US$13.65k (has network streaming function, but then add $9.75k for headphone amp!), the latest Linn Klimax DSM streamer at $45.5k (streamer only, no headphone amp), WADAX Reference DAC asking £160,000, lowest priced totaldac d1-core at €5.15k, well, I'd say this Topping is a relative "steal". 😂

Heck, even going beyond these touted well-recognized brands commonly name-dropped in magazines, I believe we can easily compare this to products like the Playback Designs MPD-8 "Dream" DAC at US$26k, lower priced Meitner MA3 Integrated DAC at US$11.5k, or Mola Mola Tambaqui at US$13.5k.

Absolutely no reason why one could not or should not compare the Topping DX9's high-fidelity "sound quality" to any of these 2-channel DACs regardless of price. Each of us can then consider the relative merits of appearance, build quality, and feature set based on needs and subjective preferences.

I'll show more measurements of this DAC ahead in future parts. For now, let me just offer this graph of the J-Test (jitter), comparing the US$216k dCS Varèse stack measured in HiFi News & Record Review with the Topping DX9:

Kudos to Hi-Fi News & Record Review for objective testing.

With 12kHz peak at 0dB (the signal is -6dBFS), all potential jitter and noise significantly below -140dB relative. Noise floor below -160dB.

So if you think jitter is an audible issue, then I would avoid the $200k dCS stack, even with the expensive Master Clock because clearly this cost-no-object system still is prone to some jitter! As you can see, the Topping DX9 with the equivalent USB input at 24/48 is superior, with what looks like significantly lower noise floor also. At less than 1% of the dCS' asking price!

Even in this simple example, I fail to see why a rational audiophile would desire to own the dCS based on questionable audiophile performance; something so expensive should have been able to handle jitter better. It's like paying the price for a BMW i7 and getting the performance of a Toyota Corolla engine. Is there any need to feel envious of this!? Is there need to feel mental anguish and "COPE" or should we just smile, leave a warning to other audiophiles so they're aware, and walk away? 🤔

[I think the only thing salesmen of these kinds of luxury products need to cope with is the lack of value and the rational criticisms lodged at these things they represent. If they can't handle that, then go sell products of better value and hopefully be respected for it.]

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It looks like the American one-dimensional chess fantasy clown show continues; this time hitting the financial markets bigly with the potential for some very serious repercussions unless the self-inflicted pain shows course-correction very soon. Not smart to unnecessarily play with fire like this while developed economies and households are burdened by debt, worsened by ongoing inflationary pressures.

It's an unfortunate example of what happens when persons who don't know what they don't know act in unwise ways using faith-based, non-factual, so-called "understanding". I try not to make this blog political, but as I've said over the years, I think audiophilia is a comparatively harmless microcosm of what happens when disinformation, rather than facts run the show. We end up with corruption, hubris, dishonesty, magnified ignoble self-interests, loss of accountability, ultimately disappointment.

As one who appreciates value but also can enjoy the "finer things in life", I'm very much a fiscal conservative and I try to be more centrist when it comes to social affairs. Sure, Western democracies like the USA and Canada need corrections in terms of things like government waste, and in time it would be nice to bring manufacturing back to this continent. But these changes need to come by way of coherent visions and plans, overseen with ethical principles, and rules of law. I'm not sure how these higher principles are being employed currently in the American government.

"When there is no objective truth, when everyone gets to make up their own reality, their own script, authoritarians thrive." -- recent article by Peter Wehner

(Same can be said about audio snake oil salesmen at a less malevolent level, I suppose.)

Be wise, dear audiophiles and escape from audiophoolery. Let's make sure we know things first, and then we can speak and act wisely rather than in clownish ways.

While the news looks grim out there currently, I am glad to see the sunshine, cherry blossoms, and warmer temperatures return to beautiful West Coast Canada. Let's hope cooler heads prevail in this coming week. Who knows if the basic ability to feel shame, regret, humility, and the need to correct errors even factor in some people's worldviews. If not, as adults, this must surely be an indicator of psychological dysfunction and foundational immaturity. We seem to be at one of those times in history where we should at least hope that the "better angels" of human nature might stir.

Have a great spring to those in the Northern Hemisphere, and early autumn in the South!