There are two issues with this document.
1. In MS Word a drawing object has a setting that specifies whether the drawing object is below or above text. In Aspose.Pdf there is no such setting and rendering depends on the order of elements.
In this document the images are anchored (and therefore outputted) before the text that is below. This results in text being placed by Aspose.Pdf on top of the images.
You can workaround if you can edit the document. Just click on the drawing object and you will see the anchor in MS Word, pull the anchor several paragraphs down. This will make sure the pictures are rendered after the text.
If Aspose.Pdf later provides a separate property for each drawing object to control whether it is above or below text, Aspose.Word will use it.
2. The image in PDF appears taller than in MS Word. The image is tall in MS Word, it is just "cropped" by the size of the textbox it is enclosed in. At the moment I cannot limit textbox height in Aspose.Pdf like MS Word can, therefore the difference. It might improve in the future, but it is very hard to support some "unusual" scenarios like this.