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

iPhone 12 Pro Max Features a Smaller Battery Than the iPhone 11 Pro Max, According to Regulatory Filing

Confirmed: iPhone 12 Pro Max Has A 3,687 mAh Battery – Smaller Than iPhone 11 Pro Max

Possible 'iPhone 12' Battery Certifications Suggest Lower Capacities Than iPhone 11 Series - MacRumors

Apple iPhone 12 Pro Max Camera review: Big and beautiful - DXOMARK

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Buy Used iPhone 11 Pro Max 256GB (AT&T) – Gazelle

iPhone 12 Pro Max teardown reveals battery size, and it's smaller than 11 Pro Max

Iphone 12 pro battery health droping like… - Apple Community

iPhone 13 Pro & Pro Max review: Perfect with iOS 15.1