The update is simple. All you need is the ZiShan_Z1_0.2.zip and a TF card. I used a 32GB TF card in FAT32 format.
1) Turn off Z1 player;
2) Extract app.bin from ZiShan_Z1_0.2.zip, and put it in the root directory of the TF card;
3) Insert the TF card into the player;
4) Turn on the Z1 player. The LED light will be on for 3 seconds and then blink ultra-fast for around 5 seconds. (Done).
5) Remove the file app.bin in the card.

What's new in v0.2:
1) Add 180 EQ settings. (WTF...it's a screen-less player.)
2) Add 3 playback modes: Repeat, Shuffle and Default. (Very useful for me.)
3) Fix a DSD problem.

How to choose playback modes:
Press 'Prev' for a few seconds until the LED light blinks faster than normal, then release. And:
a) Press 'Prev' to choose Repeat track mode.
b) Press 'Stop' to choose Shuffle all tracks mode.
c) Press 'Next' to choose Default play mode. It plays in alphabetical order, I think.

How to set EQs:
Press 'Stop' for a few seconds until the LED light blinks faster than normal, then release. And you are in EQ settings mode:
a) Press 'Prev' to choose previous EQ.
b) Press 'Next' to choose next EQ.
c) Press 'Stop' to choose current EQ.
d) Press 'Prev' for a few seconds to disable EQ.
Total 180 EQs.

How to reset the player:
1) Turn off the player;
2) Press 'Prev' and hold, turn on the player. If the LED light blinks fast, it means the player is reset to factory status.
3) Turn off and on the player again.