During these thermal-runs and current tests the light started to get moisture condensation on the back side of the lens. At this point it was hot to the touch. So I dis-assembled it further...
Engine + dry threads and gasket. I ended up smearing a bunch of AS-5 on these threads to help aid heat transfer.
Heres the screws that attach the reflector and sandwich the LEDs.
Another view of the engine. Why do they scrape off the component ID numbers? The only other place I have seen this is high-end custom audio DIY, where the circuit designer wants to hide the ID of the components used to help deter other DIY builders from copying the circuit.
Nice tight fitting O-ring... This junction should be water-tight. Shown before the AS-5.
I let it run open like this for ~7-8 more minutes and get really hot, too hot to comfortably hold in my hand. Hopefully this allowed the trapped moisture to vent. One things for sure, this light generates a lot of heat... a good percentage of which needs to conduct through the entire heatsink area, and a small amount into the battery tube.
All dried out. I buttoned it back up, with arctic silver-5 on the threads. It has the consistency of white toothpaste, mixed with pine tree sap, and add some asphalt-tar for color... YUK!! Its a royal pain to clean up. It took 5 minutes to apply, ~45 minutes to try and mop up.
After all these HOT runs I checked Vbatt and the cells 'finally' dropped to Vnom=3.6V. I checked tailcap current at that point and measured 3.95-4A (fluctuated a little depending on how much pressure I pressed on the probes). It looks like the driver is pulling more current as Vin drops, as expected.
So in summary, the $54 J12 lights form aliexpress are legit... no clones, fakes from this seller. At this price its a really good deal if you are looking for a fat flood-beam from 26650 cells.
What I find most surprising is the performance of the 26650 cells. Even with a ~3.5-4A draw, they seem to spend a LOT of discharge time ABOVE V-nominal (3.6V). Unlike even the best 18650 cells, which drop from 4.2 => 3.6 much faster.