Ukraine

They sat back, watched Russia toss 1,000,000 men into a 3 yr meat grinder, decimating their economy and military capabilities, sanctioned into the abyss with no relief in sight.
Meanwhile the US re elects a guy who has zero situational awareness outside of 3 ft and gifting China the opportunity to shake the stank off and emerge as a real player in this.

They didn't lose a single soldier, tossed some cheap drones and desert cross atvs to Russia (who probably paid too much for the life span of those atvs in combat ) and have to be reeling at how easy this is becoming.
I imagine Xi goes to sleep with a smile on his face.