The image works well here
Here's a tutorial to run it
1. Download SSF from http://www7a.biglobe.ne.jp/~phantasy/ssf/index.html
Click on "Ver0.11 alpha R5" in the sentence "SSFの最新バージョンはVer0.11 alpha R5です。"
The file should be named SSF_011_alpha_R5.zip but may change if newer version is released.
Unzip it to anywhere perferred.
You also need a Saturn BIOS file. The filename should be "Sega_101.bin" but I don't provide the link here due to copyright issue (and the console should not be hard to obtain unlike the game), although it should be easy to find with Google. Please only download the BIOS file if you own the real console.
Copy the Sega_101.bin file into the same directory where you extracted the emulator, so that the directory looks like this:
2. Run the SSF.exe file, and click Option->Option.
Click "Browse" button in "Saturn BIOS", select the Sega_101 file and click OK.
Select your CD-ROM. Make sure the correct one is selected.
If using Daemon Tools, it usually looks like this:
3. Click on "Controller" at the top of the dialog box, make sure "Control Pad" is selected in Port1->Player1:A, and click "Redefine" after it to define the keys for each buttons.
4. Click OK, and exit SSF by closing the window.
5. Insert the burned CD or mount the image with Daemon Tools, and relaunch SSF.exe.
6. On a screen like this, press Down button (as defined in step 3) to move the cursor to "决定" and press A button (also as defined in step 3). This should be only required for the first time.
7. Now the game should be running.