I think ask this question of Richard at Mountain Electronics. He is a very knowledgeable guy, has good reputation, and only stocks the good lights/gear etc. He can test them for runtime in an M24 easy enough.
Last night tested the Maxtoch branded pana 3100s and they performed exactly same as green panasonics.
Sometimes 18650s need to be charged, run and recharged few times before they give best results - unsure why.
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