Sound Analysis.
The sound analysis of N6iii w/T201 was done using my reference Aroma Jewel IEMs, while playing a selection of my usual test tracks, such as Agnes Obel’s “The Curse”, Sandro Cavazza’s “So much Better” (Avicii remix), C-Bool’s “Never go Away”, Ed Sheeran “Shape of you”, Alan Walker “Darkside”, Ariana Grande “Break up with your girlfriend”, Galantis “Hunter”, Iggy Azalea “Black widow”, Indila “Boite en argent”, Dua Lipa “Love Again”, Counting Crows “Big yellow taxi”, David Elias “Vision of her”, Michael Jackson “Dirty Diana”, and SaberZ “Without your love”. I had at least 150 hours of burn-in time on T201 before I began my analysis.
I prefer to describe the DAP/source sound based on the comparison to other DAPs and pair-ups with different IEMs/headphones, since the DAP by itself doesn’t have a “sound”. What we hear is how it sounds through connected IEMs/headphones, or the difference in sound relative to the source when using the same pair of IEMs/headphones. This is my subjective opinion, describing how I perceive the sound while analyzing the N6iii with the T201 card.

Per its triple-timbre selection, I hear each mode as follows.
Solid-State – More neutral cleaner tonality, less coloring, more transparency, faster, snappier sound; great dynamics, wide soundstage with slightly more height/depth than width; punchy, fast, deep bass, clean, neutral mids, snappy treble.
Modern Tube – wider and more rounded soundstage (than in solid-state), a little smoother tonality in mids, the speed of the sound presentation is closer to solid-state; there is added coloring in mids, the sound has a little smoother tonality, but still with great resolution and precise retrieval of details; a little more sparkle and airiness in treble. Also, I hear a bit more weight and texture added to the notes.
Classic Tube – as wide and rounded soundstage as in Modern Tube mode, an overall improvement over the Solid-State; the tonality is warmer with the sound being smoother, more textured, and more laid-back. The change in sound speed is noticeable here, with notes having a slightly longer attack and decay. The sound, especially in the mids, has more body, texture, weight, and density, making it feel even more substantial than in the Modern tube mode.
In a way, it feels like there are two principal modes of sound tuning, Solid-State and Classic Tube. The Modern Tube is somewhere in between in terms of technical performance, tonality, and tuning.
Also, regardless of the selected timbre, I hear a black background and no perceivable waterfall hiss with my sensitive IEMs. And while some people go by the numbers and might think that 543mW from a 4.4mm BAL output is not enough, you have to keep in mind that Cayin implemented high-current op-amps to drive even demanding open-back cans – more on this in my follow-up Pair-up review section.
3.5mm vs 4.4mm
Besides the obvious difference in output power, where I had to raise the volume by 3 clicks as I switched from BAL to SE, the only other noticeable difference is that the 4.4mm imaging was a bit more holographic (as tested in Classic Tube mode).

Pair-ups.
The sound of a DAP depends on pairing synergy with different earphones and headphones. After all, you are hearing the sound of the transducers connected to the source. In this section of my review, I will go over how various earphones and headphones pair up with T201. In each pair-up, I noted the Timbre (SS Solid State, Modern Tube, Classic Tube), Gain (HG – only used high gain), and V# volume level. Every pair-up test was done from a 4.4mm BAL output.
Audio Technica ATH-R70x (470ohm, open back full size)
- SS, HG, V55 – balanced sig with a natural tonality and a smoother, more laid-back sound presentation. More focused soundstage/imaging, even for open-back cans, it feels a bit more intimate, with more depth and reduced width. Mids/vocals are smooth, not as layered or well separated.
- Modern Tubes, HG, V55 – tonality has a slightly fuller body compared to SS, more rumble in the sub-bass, and, from a technical perspective, the sound has improved dynamics and doesn’t sound as flat. I even hear some improvement in detail retrieval.
- Classic Tubes, HG, V55 – soundstage expands slightly wider with more holographic imaging; sound has a blacker background; tonality has more body and richer texture. Mids/vocals have improved layering and sound separation. Compared to SS, Classic Tubes mode injects R70x with higher resolution and improved technical performance.
Meze Audio Empyrean (dual driver Planar magnetic)
- SS, HG, V42 – a bit narrow soundstage, the sound sig is balanced, smooth, laidback, mids/vocals are clean and clear, though a bit nasal in tonality, lacking some clarity, being a bit too smooth.
- Modern Tubes, HG, V42 – very similar to solid state output, just having a little bit more clarity and body in mids.
- Classic Tubes, HG, V42 – a bit wider/deeper soundstage, more body in mids, but also slightly higher resolution and more clarity in vocals.

Campfire Audio Solaris 2020 (hybrid DD/3BA sensitive IEM)
- SS, HG, V18 – balanced signature with a nice sub-bass rumble, natural, clear, detailed mids/vocals, well-controlled crisp treble. More intimate soundstage. No hissing.
- Modern Tubes, HG, V18 – balanced signature with a bit deeper bass, smoother, more natural mids, treble is more natural, smoother as well. No hissing.
- Classic Tubes, HG, V18 – similar balanced signature with a deeper and faster bass, more natural, transparent mids with improved layering and separation, natural detailed treble, wider soundstage expansion. It was an interesting effect: you would expect more texture in the mids, making it smoother and more colored, but instead, while I did hear the texture, the mids had less coloring and improved detail retrieval.
Empire Ears Odin (tribrid 2DD/5BA/4EST)
- SS, HG, V29 – sound signature is more mid-forward, focusing on mids and lower treble. The mids/vocals are thinner and colder.
- Modern Tubes, HG, V29 – sound sig is similar, but I hear a deeper sub-bass rumble and stronger punch of mid-bass, and lower mids/vocals have slightly more body.
- Classic Tubes, HG, V29 – switching to Classic Tubes modes makes the sound sig more balanced, with more bass weight that pairs better with the mids, and expands the soundstage, even giving a blacker background. Fuller-body mids improve the vocals, so they don’t sound as thin and cold as in SS mode.
FirAudio RN6 (tribrid DD/4BA/EST)
- SS, HG, V27 – borderline L-shaped sound sig with deep elevated bass, organic natural mids/vocals, clear natural treble, and big soundstage expansion.
- Modern Tubes, HG, V27 – the sound sig is more balanced with mids being slightly more forward and a bit more elevated, and treble has a slightly better definition.
- Classic Tubes, HG, V27 – the soundstage is similar to previous modes, and the sound sig is more balanced, similar to Modern Tubes due to mids coming up in quantity. Treble has similar improvement in definition, and so do the mids, with more clarity and some improvement in layering and separation of the sounds. One noticeable difference between Modern and Classic tube modes lies in the bass’s impact and definition. Modern still has a bit of a boomy bass, while the RN6 bass in Classic mode offers more control, especially in note decay.

Comparisons.
In every comparison, I used Aroma Jewel, volume matched while listening to the same test tracks between DAPs/sources/cards. Also, here I’m mostly focusing on the difference in sound I hear when using T201 in Classic Tube mode. These are just quick analysis notes.
T201 Classic Tube vs SP3000T (Tube, high current) – I had to set the 3kT tube current to high to get closer to the soundstage width of T201; with the current-low setting, the 3kT soundstage width is narrower, and even with the current-high setting, T201 is a little bit wider in L/R sound spread. When it comes to tonality, they have a very similar analog texture and resolution, and a similar level of treble sparkle. A bigger difference I hear is at the low end of the spectrum. 3kT bass is softer and a little more laidback in the note attack, while T201 bass notes are faster, tighter, and more articulate. As a result, the sound with T201 is tighter and faster, and even has a perception of a blacker background due to the faster transient response of notes. It’s not solid-state fast, but relative to 3kT, the sound is faster and more articulate. 3kT, on the other hand, sounds more laid-back, relaxed, and softer, creating a more “tube” distortion effect.
T201 Classic Tube vs DX340 w/amp16 (Tube) – while 3kT felt warmer and smoother, amp16’s tonality went the opposite way, with a little less coloring and a more neutral mid presentation compared to T201. From a technical perspective, amp16 spreads even wider left/right. From a tuning perspective, it has greater transparency in the mids, a cleaner sound with less texture, and a little more sparkle in the treble. Amp16 is a dual-timbre amp with either Solid-State Class AB or Tubes, but its Tubes tonality is closer to its Class AB than T201, and the difference between its Solid-State and Tube timbres. In comparison, the T201 sound is smoother, with a little more color in the mids, especially the lower mids, and it also has a slightly softer treble sparkle compared to amp16. I do have to mention that I wish every modular DAP design came with a similar quick-release mechanism, as it is much easier to exchange modules without tools.
T201 Classic Tube vs N3 Ultra (Classic/Modern Tube) – It is scary-close how these two Tube modes sound between N6iii/T201 and N3U. I probably shouldn’t be surprised, after all, they are designed and tuned by the same company and people. And both use the updated AKM Velvet Sound DACs, T201 (AK4497S) and N3U (AK4493S). If I were to nitpick, and I did spend a good half an hour going back and forth between these two DAPs, T201 sound is a little more resolving, higher resolution, and some improvement in retrieval of details. But other than that, they have very similar soundstage expansion, vertical dynamics, bass response, mid-range tonality and texture, and even a very similar level of treble sparkle. Of course, you have to keep in mind that N3U is just a local, playback-only DAP with very focused, limited functionality. At the same time, N6iii is a fast Android with a modular, flexible design. So, if any of N6iii owners were ever curious about N3U Tube sound, for the price of that DAP, they can get the T201 card.

Cayin N6iii T201 vs R202 – A question came up: if some of my readers already have the R202, should they consider the T201? When it comes to R2R DAC implementation, we often use “natural” tonality to describe the sound. It still holds for R202, which actually comes with 2 different selectable designs, either R2R or 1bit DAC, where 1bit DAC sounds more like a solid-state tuning vs R2R having a more natural, textured tonality. But the combination of the AK4497S Velvet Sound DAC and JAN6418 tubes adds a more natural tube texture, extra-delicate smoothness, and a more laid-back sound when going from R202 to T201. These two boards really complement each other. Everything always comes down to a pair-up synergy, and between these 2 DAC/AMP cards, you have access to 5 different tunings. And last, but not least, R202 doesn’t have a Line Out, while T201 does.

Conclusion.
As I already mentioned in N6iii and its other audio card reviews, modular design remains rare in today’s DAP market, and keeping it pocket-friendly and lightweight, as in this audio player, is a bonus. And again, hats off to Cayin for keeping the price at a very reasonable mid-fi level without cutting corners and staying competitive with other latest higher-end DAP releases. But it’s not only the DAP’s modular design and compact footprint, but also the design and sound performance of its modules, with each audio motherboard offering a unique DAC/amp combo, where each module upgrade sounds like getting a new DAP. And with the new Gen2 audio motherboards and their quick-release latches for faster exchange, you don’t need any tools, and the self-enclosed card design feels solid and secure on the go.
When it comes to T201, it’s not just a new tuning you are getting with a new card, but three different tunings, letting you switch between Solid-State and Tubes, and then select which Tube mode you prefer to pair with your IEMs and headphones. It was similar to the R202 module, which offered two different DACs, R2R and 1bit, except here you have one DAC and three different sound timbres to go along with it, plus a Line Out. This way, you can go from a more neutral, cleaner, solid-state tonality that offers more transparency and a faster, snappier sound, to a smoother tonality with more coloring of modern tube timbre, or, a step further, to a more laid-back, textured, fuller-body tonality of classic tube timbre. And even when switched to tubes, you don’t compromise on resolution and still get excellent battery life.
At the end of this review, I no longer have to guess or speculate about what the next N6iii audio card will be, since Cayin has made it official that the T201 is the fourth and final card in this series. However, given the multiple sound-tuning options, these cards support more than just four sound profiles. If you already have N6iii and other cards, T201 is definitely a worthwhile upgrade. If you’re still on the fence and want to stay under a $2k budget, getting the N6iii with both the R202 and T201 is a great way to get your hands on a small, fast, optimized Android DAP with multiple high-resolution sound-tuning/shaping options to cover most of the pair-up basis with various IEMs and headphones.
