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Beijing definitely has the power to broker peace for Ukraine but I can't imagine it's in their best interest to see Russia take a huge loss. BRICS has seen gains in membership and interest from the war. Anything Xi suggests will likely be land forfeiture along current battle lines IMHO.
I'm sure it's still a blow to Putin's public image for them to be meeting. Maybe with Russia in such a bad decline behind the scenes he is ecstatic to have some forceful diplomacy from their neighbors to the south.
I don't understand why people don't understand China's position. Especially since your so correct in your assessment. Xi will absolutely not suggest a god damn thing. China couldn't give less of a shit where the borders are between Russia and Ukraine. It's because of everything you said. They don't want Russia to crumble completely because of BRICS, beyond that if Russia returns all the land to Ukraine, China would be fine with that. Hell, even if Russia takes fairly significant losses and becomes a vassal state to China, that outcome would be fine to. Russia just can't completely crumble. China has been using it's natural resources to buy allies, that's why BRICS has been growing. Not because of anything to do with the war. This is also why all the world calling for China to stop Russia has fallen on deaf ears. China simply does not care. Except of course if it can help their PR, which is all this meeting would be about.