Thus the New Imperialism might never come into fashion at all (and it was a fashion, losing money in most places) and you'll see a much more corporate orientated colonialism, with an emphasis on access to China and the Ottomans.
It's possible that Germany and/or Italy might not be interested in colonies at all. Like Nugax said, to some degree the imperialism of the late 19th century was a fad, with countries grabbing economically unprofitable territory left and right just to say that they had it and that other countries didn't. That might not happen in a different scenario.
Also,it could be possible a split of China and maybe colonization also of Japan...
However, in the end the Great European War will explode the same soon or later when the imperialism race was closed.
OK, this certainly seems an interesting thread of thought. So let's assume the Scramble for Africa is delayed and donwnplayed. Where else the imperialistic ambitions of the great powers would refocus ? I do not deem realistic that the great powers would simply turn out less imperialistic than OTL. As several posters suggest, China seems like one fo the most obvious targets. What would mean such an increased European penetration ? Accelerated collapse of the imperial regime ? A de facto partition of China ? Or paradoxically added drive to its modernization ? Is colonization of Japan (and Korea) truly going to happen (pre-industrial Japan was not that valuable) ?
What is meant by "more corporate-oriented" colonialism ? A revival of something like the EIC of yore (but the Sepoy Rebellion had shown the drawbacks of such a method) ? Or more like modern neo-imperialism ?
Which other valuable targets would be ? South East Asia seems to be one, although in my TL Britain grabbed the DEI after the Napoleonic Wars. What else ? I'm not really convinced that Africa would be entirely left fallow, since there were several areas with valuable agricultural and mineral resources. South Africa is one obvious example, even if it was a British playground. North Africa, I assumed, would end be colonized anyway, one way or another, for various reasons. Perhaps Congo ?
Moreover, in my TL South America (apart from Brazil) ends up absorbed the the USA, and so it is less accessible than OTL to European trade. Would not this be a sufficient motivation to increase European colonization elsewhere ?
One unusual type of super-German colonialism was in the "Decades of Darkness" timeline, where a huge federal Germany forms that actually includes the Netherlands. This gives the super-Grossdeutchland colonies in Indonesia, and from there it becomes a major colonial power in Southeast Asia, while also getting some colonies in Africa.
Well, in my TL Britain grabs Indonesia after the Napoleonic wars, but a German-Dutch union is certainly a feasible butterfly to explore, since the two nations are quite cozy.