When I examine your image in IM and flatten it,
convert 1test.xcf -background transparent -flatten 1test.png
(For simplicity I renamed your image to 1test.xcf)
Note you should be using -background transparent and not white. Your -layers merge and my -flatten should be doing about the same, so it should not matter which you use in your case. Also your -rotate 0 is not doing anything, but should not hurt. I presume you have an option to rotate the image and this happens to be one case where you are not.
I get an image similar to what you have for your version of IM, but the lightbulb is the same size as the one in the GIMP png. I am not sure why your lightbulb gets enlarged. I think that is perhaps due to your version of IM, which is over 140 versions old.
More importantly, though I know little about gimp xcf format, this gimp image is rather strange. First, it seems to have two layers each with its own transparency. However, when I look at the channels, I see it has red, green and blue and alpha. However, the red and green appear to have the star and circle around it (with transparency outside the circle showing as black), and the blue has just the lightbulb (with transparency around it showing as black). The alpha channel has the cutout for removing the circle and leaving the star shape with the bottom of the lightbulb. But it appears that IM is just seeing the two layers with their transparency and not the overall alpha channel. This is likely due to the fact that currently IM can only handle one alpha channel per image/layer.
In this case, if IM were to extract this as one layer, from the r,g,b channels and the overall alpha channel, it might be converted to png properly. But that is only my assessment and certainly would require a code change and probably would not be compatible with the standard kinds of xcf images that do not have such odd structure.
Perhaps the IM developers can analyze the xcf image better than I. So I will defer to them.