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Having handled mini PCs like the GMKtec NucBox K13, GMKtec EVO-T2S, and Minisforum MS-S1 Max, one gets used to a stable compromise: compact casing, integrated iGPU, and well-calibrated connectivity.
However, the Minisforum MS-03 deviates significantly with a Small Form Factor (SFF) chassis that includes a rare feature in the mini PC world: a genuine PCIe x8 slot with a dedicated 75W power supply capable of accommodating a dedicated graphics card. To understand where this model fits in the market, our mini PC buying guide can help pinpoint the position of the MS-03.
The tested unit features an Intel Core Ultra 5 336H (Panther Lake, 12 cores / 12 threads), 32 GB of DDR5-5600 in a single stick, and a 1TB YMTC PC41Q SSD, without a graphics card in the PCIe slot. Two versions are available: an Ultra 5 336H variant and a higher-end Ultra 9 386H variant that is significantly faster in multi-thread. Minisforum also offers a barebone version (without RAM or SSD) which we will discuss later.
I ran the MS-03 through a comprehensive series of tests over several days to evaluate its performance as received, and more importantly, to understand what it could become with the right components. However, the machine as delivered is not the full extent of its capabilities.
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Technical Specifications
| Specifications | Minisforum MS-03 (tested configuration) |
|---|---|
| Processor | Intel Core Ultra 5 336H (Panther Lake, 12C / 12T, Intel 18A) |
| CPU Architecture | 4 P-Cores Cougar Cove + 8 E-Cores + LP-E |
| iGPU | Intel Graphics Xe3 (4 cores, CPU-oriented configuration) |
| NPU | Intel AI Boost, about 50 TOPS (Copilot+ certified) |
| RAM | 32 GB DDR5-5600, 1 SO-DIMM stick (single-channel) |
| RAM Slots | 2 SO-DIMM slots (upgradable to 128 GB DDR5-7200) |
| Main Storage | 1 TB YMTC PC41Q NVMe PCIe 4.0 |
| Storage Expansion | 3 M.2 2280 slots (2 PCIe 5.0) + U.2 support via provided adapter |
| Expansion Slot | 1 × PCIe 4.0 x8 (physical x16), 75 W, low-profile format (empty during test) |
| Wired Network | 2 × SFP+ 10 GbE (Intel X710) + 1 × RJ-45 10 GbE + 1 × RJ-45 2.5 GbE |
| Wireless Network | Wi-Fi 7 (Intel), Bluetooth 5.4 |
| Connectivity | 2 × USB4, 4 × USB-A, HDMI 2.1, DisplayPort 2.1 Alt Mode |
| Management | Intel vPro (on some models) |
| Form Factor | SFF (196 x 189 x 48 mm) |
| Power Supply | 240 W external unit |
| System | Windows 11 Pro pre-installed or barebone (without OS) |
| Price Ultra 5 336H (barebone) | 799 euros |
| Price Ultra 5 336H (32 GB + 1 TB) | 1 399 euros |
| Price Ultra 9 386H (barebone) | 1 079 euros |
| Price Ultra 9 386H (64 GB + 2 TB) | 2 119 euros |
This review unit was provided by Minisforum.
A SFF Chassis Designed Like a Workstation
The MS-03 moves away from the typical compact cube format that defines most mini PCs, adopting a SFF chassis more akin to a small, horizontal tower. Its dimensions are relatively compact (196 × 189 × 48 mm), but the casing is bulkier than a GMKtec NucBox, a Mac mini M4, or a standard mini PC. This deliberate size is justified by its capabilities.
A key feature is the physical PCIe x16 slot (wired as x8 electrically, PCIe 4.0) powered at 75W, which can accommodate a low-profile graphics card. In other words, with the right card, it is possible to add a real dedicated GPU to this machine, a feature not allowed by any other mini PC in this comparison (the MS-02 Ultra also allows this).
For networking, the connectivity goes far beyond a standard mini PC: two SFP+ 10 GbE ports via an Intel X710 controller, a 10 GbE RJ-45 copper port, and a 2.5 GbE RJ-45 for management. Together, the three 10 GbE ports provide 30 Gbps of combined wired bandwidth, in addition to the dedicated 2.5 GbE management port. The Wi-Fi 7, clocked at 1.89 Gbps in iperf3, completes the package. Minisforum clearly targets server, high-performance NAS, virtualization, or home lab uses. Some MS-03 models also include Intel vPro for remote management, making them a plausible choice for retail points, branch offices, or decentralized IT teams.
The front USB4 port rounds out the connectivity options, allowing for the connection of a dock, a portable display, or fast storage. A curious detail: the external power unit is rated at 240W, while the CPU alone draws only 65W under load. There’s a reason for this.
Why so much power? We’ll discuss this later, but it’s planned to easily accommodate the addition of a graphics card in the PCIe slot, potentially a more power-hungry Core Ultra 9 386H, and two additional SSDs.
Disassembly: Designed to be Opened
Disassembling the MS-03 is straightforward and well thought out, which aligns with the machine’s “to be equipped” purpose.
A few screws are enough to remove the top cover and access the interior, without the need for cascading disassembly or removing glued pads as seen in other mini PCs.
This is appreciated for a machine whose main appeal is the addition of components post-purchase.
Once opened, you can directly reach key points: the two DDR5 SO-DIMM slots for memory, the three M.2 2280 slots for NVMe storage, the physical PCIe x16 slot for the low-profile graphics card, and the space for a U.2 enterprise SSD via the provided adapter. The cooling system with three heat pipes and a single fan remains visible without obstructing access to the components.
For those planning to install a Gunnir Arc Pro B50 LP graphics card or an additional RAM stick, the procedure takes less than ten minutes.
CPU Performance: Adequate, but Unremarkable in Tested Configuration
The Core Ultra 5 336H is the least powerful variant in the Panther Lake mini PC range. With 12 cores and 12 threads (no Hyper-Threading), it lags behind its more powerful Panther Lake cousins like the X7 358H or the Ultra 7 356H in multi-thread performance. The single-channel RAM configuration adds to the limitation.
| Cinebench 2026 Multi-thread | Points |
|---|---|
| Minisforum MS-S1 Max (Ryzen AI Max+ 395) | 6 314 |
| GMKtec EVO-T2S (Core Ultra X7 358H) | 4 345 |
| Minisforum M2 (Core Ultra 7 356H) | 4 135 |
| GMKtec K11 (Ryzen 9 8945HS) | 3 754 |
| Minisforum MS-03 (Core Ultra 5 336H) | 3 563 |
| GMKtec K13 (Core Ultra 7 256V) | 1 524 |
The MS-03 ranks in the lower middle range of recent mini PCs, between the K11 and K13. This is consistent with a 12C/12T Ultra 5 on a single-channel configuration. With dual-channel RAM and an Ultra 9 386H, the same platform would likely score much higher.
| CPU Benchmark | MS-03 Score |
|---|---|
| Cinebench 2026 Single | 475 |
| Cinebench 2026 Multi | 3 563 |
| Geekbench 6 Single | 2 712 |
| Geekbench 6 Multi | 11 806 |
| Geekbench 7 Single | 2 454 |
| Geekbench 7 Multi | 12 442 |
The single-core performance is quite strong at 2,712 points on Geekbench 6, on par with other Panther Lake models. Daily responsiveness is solid; it’s really only under heavy multi-thread loads (rendering, compiling, encoding) that the single-channel Ultra 5 shows its limits. No throttling was observed: the frequency remains stable throughout the stress test, with a CPU package peaking at around 42W and temperatures ranging from 65 to 72 °C. There’s ample thermal headroom.
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iGPU Xe3 and Local AI: The Weakest Links
The Core Ultra 5 336H features just 4 Xe3 cores for its integrated GPU. This is the most modest GPU configuration in the Panther Lake generation, significantly behind the 12 Xe3 cores of the Arc B390 in the X7 358H, and even below the Radeon 780M of the K11 in Vulkan benchmarks.
| Geekbench 7 GPU (Vulkan) | Score |
|---|---|
| Radeon 780M (GMKtec K11) | 29 980 |
| Arc 140V (GMKtec K13) | 20 137 |
| Intel Graphics Xe3 (Minisforum MS-03) | 16 262 |
The iGPU of the MS-03 is the slowest of all the mini PCs I’ve recently tested. Minisforum has deliberately opted to focus on the PCIe x8 slot rather than the integrated GPU. Without a graphics card in this slot, the graphical performance is modest and limited by the single-channel RAM.
Local AI: Slow, but with Wasted Potential
In local language model benchmarks, the MS-03 is naturally the slowest in the tested panel. Ollama runs LLMs on the iGPU Xe3, which lacks the resources of a dedicated GPU or the bandwidth of dual-channel RAM. For serious local AI applications, our mini PC buying guide for local AI offers far more suitable options.
| LLM 3B, generation on iGPU | tokens/s |
|---|---|
| GMKtec EVO-X2 (Radeon 8060S) | 98 |
| Minisforum MS-S1 Max (Radeon 8060S) | 49 |
| GMKtec EVO-T2S (Arc B390) | 47 |
| GMKtec K11 (Radeon 780M) | 37 |
| Minisforum MS-03 (Intel Xe3) | 18 |
At 17.6 tok/s on a 3B LLM and 8.3 tok/s on an 8B, the MS-03 barely exceeds human reading speed (around 7 tok/s). For chat or a local assistant, it remains usable, but far from comfortable. One particularly frustrating point here: the integrated NPU theoretically delivers 50 TOPS, more than enough to accelerate inference. However, neither Ollama nor LM Studio currently utilize this NPU. The NPU remains limited to AI functions in Windows (live subtitles, Cocreator, Recall), leaving its potential unexploited by local AI applications.
Storage and Network: Where the MS-03 Shines
The YMTC PC41Q SSD is a decent and consistent NVMe PCIe 4.0 drive. It’s nothing extraordinary, but there are no complaints either for a workstation.
| NVMe Storage | Value |
|---|---|
| Sequential Read | 5 877 MB/s |
| Sequential Write | 4 237 MB/s |