The first part of the iPhone 12 Pro Max confirms a battery with a lower capacity than the iPhone 11 Pro Max

Finally it seems that it is confirmed that the battery capacity of the iPhone 12 Pro Max is 300 mAh lower than the iPhone 11 Pro Max

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Apple Hub on X: The iPhone 12 Pro Max is equipped with a smaller battery despite having the same battery life as the iPhone 11 Pro Max / X

【COMPATIBLE MODELS】This Replacement battery Compatible with iPhone 12 Pro Max (model: A2410 A2411 A2412 A2342), ( NOT FIT FOR iPhone 12, 12 Pro, 12

[5000mAh Battery for iPhone 12 Pro Max High Capacity New 0 Cycle Replacement Battery for iPhone 12 Pro Max A2410 A2411 A2412 A2342 Installation Manual