The word "香饽饽" is formed by combining the adjective "香" (xiāng), meaning fragrant or delicious, with the reduplicated noun "饽饽" (bōbo), a colloquial term for a type of bread or pastry. The reduplication of the character "饽" creates a specific, familiar food item, and the adjective "香" directly modifies it to describe the pastry as delicious or appealing.