POD: Beatty fails to escape when he was lured into the main body of the HSF - when he orders his fleet to turn about, the lead ship is disabled and the Germans close the distance before the battlecruisers can escape. As a result, Beatty's fleet is lost; the battlecruisers are either sunk or crippled beyond repair. Butterflies cost the British an extra dozen or so destroyers and proportionate other smaller ships in the ensuing battle(s), but the dreadnoughts suffer only superficial damage, and no other battleships are lost - at most a few require significant repairs.
The High Seas Fleet suffers roughly OTL damage.
This is a clear victory for the HSF, but not enough to change the balance of naval power; they're still weaker than the Grand Fleet. Having accomplished exactly what they desired by catching a fraction of the Grand Fleet out and crushing it, do the Germans sail out again? How does the British public respond to the Royal Navy coming out a clear second in a two-man fight?