初版
しょはん · shohan · JLPT N1 · noun
edition
初 — clothes radical 衤 + knife 刀
初 combines 衤 (clothes) and 刀 (knife), depicting the act of cutting cloth to begin making a garment. From this concrete image of starting a tailoring task came the extended meaning 'beginning' or 'first'. It is an associative compound, not phonetic.
版 — 片 (slice/board) + 反 (phonetic 'fǎn')
版 is a semantic-phonetic compound. The 片 component means a thin slice or board of wood, indicating the meaning, while 反 supplies the sound. Originally it referred to wooden writing tablets or printing blocks, which extended to today's senses of 'edition,' 'printing plate,' and 'version.'