Maybe they are just warming up, I mean this is just a DPC season so there is no incentive performing really good yet, they did good during the Singapore Major although they lost against Evil Geniuses, they are still a strong contender when TI finally arrives.
The best time to perform is literally this season since they've removed the qualifiers for TI but that match was from the iLeague tournament and there's less stake on the line compared to the upper division matches so it's not a surprise for any team to drop a series or two.
Also it's hard to rank the teams in China since their region is very stacked and much more competitive compared to most of the regions where there's always one or two teams who are ahead of the rest.
The saturation of teams on China is also another factor and it's not really the best time since there are still a lot of chances for them and PSG did get some DPC in the last Major. That is a new development that I have heard of TI, I think the DPC season is the qualifier.