I've collected dozens of M2 boards over the years, some working, some dead , and I've picked up quite a bit of experience. For basic testing:
1. First, confirm your revision , is it the original version, or A/B/C? From your photo, yours is a Rev A.
2. Power only needs two connectors: CN3 and CN12. Left half is GND, right half is +5V. Both are 10-pin headers, but you only need to connect the outer 3 pins on each.
3. Voltage: most games require a stable 5V ±0.1V, otherwise you'll get a black screen. Keep in mind that aging wiring can cause voltage drop at the endpoint, which can prevent the board from running.
4. Quick fault isolation — problems can occur on any of the three layers: ROM board, CPU board, or GPU board. First, try booting without the ROM board attached. Normally you should see a garbled screen , colored repeating dots. If the screen shows flickering lines or color shifts, the GPU is faulty. If it's a black screen, the CPU is faulty.
5. If CPU + GPU seem fine, plug in the ROM board. The ROM chips are divided into three regions: music, program, and polygon data. Start by testing the middle region (program area). If you get a garbled screen, IC12–15 are completely dead. If you get a solid single-color screen , black, white, green, blue, etc. , then IC4–11 are partially faulty.