Piáochóng shì nóngmín de hǎo péngyou, yīnwèi tāmen chī hàichóng.
Ladybugs are a farmer's friend because they eat pests.
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瓢 is a gourd ladle (used in ancient China for scooping water), and 虫 means insect. The ladybug's round, domed shape resembles a miniature gourd ladle — hence 瓢虫.