After my personal experience, as well as reading reports from other users, I have come to the conclusion that this seems to be an issue with MediaTek MT1389-based players. It has nothing to do with DSD-to-PCM conversion. In fact, I own a Pioneer Elite DV-58AV, which is a MediaTek MT1389-based player that keeps SACD in its DSD domain via analog and HDMI outputs. It had the same problem until I updated its firmware. Now I have no audio issues with the player at all! These cursed players include some Marantzes, some Onkyos, all Oppos, a few Philipses, most Pioneers, and some Yamahas. I know that Oppo, Pioneer, and Yamaha have corrected this issue. The difficulties are sometimes obtaining the update files to perform the update yourself, and other times, getting a manufacturor's customer service department to even just acknowledge that such a manufacturor's update exists. I thought it might give a feeling of resolve or closure now that you know that the cursed players are all MediaTek MT1389-based. I hope this solved the unexplainable mystery for you. Good luck!
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