革新
géxīn · HSK 6
innovate
革 (leather/reform) + 新 (new) = reform-new = innovate
革 originally meant animal hide, then extended to 'transform/reform' (as in 改革 reform). 新 means new. Together 革新 literally reads as reform + new, i.e. to renew by reforming — innovate.
新 — 立 stand + 木 tree + 斤 axe
Originally depicted cutting fresh wood with an axe (斤) from a tree (木), with 辛/立 as the phonetic component. The original meaning of 'firewood' was later written as 薪, while 新 took on the extended sense of 'new' or 'fresh'.