enough to fool anyone into thinking it was a dongle DAC or something if listening blind.
At a guess it probably has a PCM2900 series chip or similar in there which is basically a USB dongle DAC IC and do have acceptable enough audio quality albeit without much headphone driving power.
EDIT: Unfortunately the only teardown image I can find is of the version without the audio part present - from a superficial look seems to be a small add-in board.
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