How are you determining this?
Well a picture is worth a thousand words. I basically did the shake test.
I first saw it here on CPF. I looked for the thread but could not find it but the OP stated that one can detect PWM by shaking the light. When a light with PWM is shaken it isolates the strobe so the PWM effect becomes visible. It is similar to shining the light on a fan.
For example one light with low PWM is the Protac 2L.
The photo below shows the Protac shaken. The PWM is apparent.
Now for the LD12 G2. Here is the light.
As I mentioned in the start of the thread when the light is first turned on low it does not show any PWM.
As one can see the beam is stringy but intact. The light is on the lowest setting. Sorry for the bad photo.
When I cycle through using the side switch the PWM starts up. It is not as slow as the protac but its still present. These are two shots of the same LD12 on the same lowest setting.
I discovered this by accident. I moved the light and saw the PWM effect. So as mentioned at the beginning of the thread I don't know what to make of this. The older R5 version did not do this and I am not sure if all the LD12 G2s are like this or just mine.