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The word 黑眼圈 is formed by combining the character 黑, meaning "black", with 眼, meaning "eye", and 圈, meaning "circle"; the sequence directly denotes a black circular area around the eye, resulting in a term that literally means "black eye circle" to describe dark under-eye circles.

Word Definition - 黑眼圈

hēi yǎn quān dark circles (under one's eyes); black eye