I think it would lead to some "territorial adjustments," but not the total partition of China. China was appreciated as a singular, large (anemic, helpless) state because that meant a lot of Europeans could extract what they wanted (money) without having to embroil themselves further in Asian politics. The epitome of this was Britain, who would probably blanch at the idea of administrating all of India and having a sprawling "China Office" in London too.
While there are powers that would leap at the prospect of carving up China such as Japan or Russia, both of these getting too ambitious would annoy European business interests that appreciate having a colossal and semi-stable market to make their riches in. This happened OTL with Britain and its huge navy, but the United States was especially belligerent in protecting China's status quo. If Chinese land fell under stronger protection of more powerful rulers, that meant the Chinese playground for western business interests became smaller.
Of course, the key to all this foreign policy lobbying by business is that China is big and peaceful. Being split up by warlords would warrant a change of policy; would the Great Powers back the strongest warlord to get back to business as usual ASAP, or would they predict this war being a quick one and carve out some larger concessions? If the former, would they all agree on who to back, or would a proxy war develop? Much as the Europeans and Americans like having a gigantic captive market without all the pesky complications of ruling the land, would any of them feel compelled to abandon this policy in favour of more "traditional" colonialism? Which empires would be able to get away with that, seeing as many would oppose it?