D/A convertors do not need to have oversampling to work, it's just that they are almost always implemented to smooth out the filter curve. A pure analog "Brick Wall" Filter can be used somewhere past 20,000 hz with no over sampling. This was done in some very early CD players from the early 1980's. However, this didn't work very well because it caused distortions and artifacts in the audiable bandwidth. To say that the "Basic sample rate... is 4x oversampling" is completely incorrect. I had a 2x oversampling CD player back in 1985. At that time 4x oversampling was a totally new thing. I'm sure a company like Audio Note has found a way to implement an analog filter without causing distortion in the audiable bands.