The word "旗帜" is formed by combining two characters: "旗" integrates the semantic component "方" (square/place) with the phonetic component "其" (qí) to denote a flag, while "帜" combines the semantic component "巾" (cloth) with the phonetic component "只" (zhì) to also mean flag. Together, they create a compound word where both characters contribute semantically to the concept of a flag, with "旗" emphasizing the banner and "帜" its cloth material.