Meaning of lǎo yǒu:
lǎo yǒu
老友
Noun
old friend; sb who passed the county level imperial exam (in Ming dynasty)
Zuótiān wǒ jiàn dàole jiǔ wèi móu miàn de lǎoyǒu.
昨天我见到了久未谋面的老友。
Yesterday I met up with an old friend I hadn't seen in a long time.
Tā shì wǒ de lǎoyǒu, wǒmen chángcháng yīqǐ xùjiù.
他是我的老友,我们常常一起叙旧。
He is my old friend, and we often reminisce together.