There's a more practical reason for them to hope the regime doesn't fall: it creates a refugee crisis on their border and the CCP governance model is 'stability uber alles'.
Beijing - Pyongyang is merely 800Km, after all.
Before North Korea had a nuclear weapon, much less the ability to build numerous of them, China propped up North Korea in countless ways for decades (from food to weapons to moral support). China could have very trivially killed Kim (or requested his overthrow), with absolutely no consequences. It's not like the weak and vastly smaller North Korean army was going to invade China, particularly after the Kims were gone.
I believe China could still dismantle North Korea. I think their fear is the chaos that could follow, from millions of refuges to perhaps a new military dictatorship to loose nukes.