I suspect Xi thinks he has had a good war. The Russians did not collapse in the face of active opposition from NATO but became more militarily and economically dependent on China than before. In addition, China has not paid much of a price for its support of Russian aggression. Life is good.
Or is it? Trump has given the CCP a golden opportunity to detach the EU from America. That hasn’t happened, and China’s stand on Ukraine is a big part of the reason why. In the big picture, the EU is a much bigger prize than Russia will ever be.