The word "老朋友" is formed by combining the character 老, meaning "old" in the sense of long-standing or enduring, with the compound 朋友, which itself means "friend". This construction directly merges the concept of age or longevity with that of friendship, resulting in a term that literally signifies "old friend" and conveys the idea of a friend known for a long time, emphasizing depth and duration rather than merely chronological age.