I think we should all calm down and wait to assess. We will have a much better picture of the real situation in a month.
There are rumors Iran took down two to three Israeli jets. If Israel lost 1.5% of its 200 jets, Iran performed decently. If Iran actually shot down an F-35, we suddenly have an unprecedented Iranian victory. Again, these rumors could be false.
We can not expect instant retaliation. The super-fast takeover of Crimea happened 5 days after the Ukraine color revolution. This is not a video game where the big boss attacks you and you beat it after an hour of intense button smashing.
With respect to China, I totally support the friendship between China and Iran. China has proved Iran's economic lifeline for the past decade. It should continue to help Iran this way.
In terms of realpolitik, a prolonged military conflict involving Iran would constitute an Iraq-style distraction for the USA. A large-scale American land invasion followed by years of insurgency would bog down the USA in a vital decade. Naturally I completely oppose Israel bombing Iran and America occupying Iran for 15 years. It may help China, but the welfare of the Iranian people is more important.