That old gentleman in the village is already ninety.
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Soft, child-friendly term for 'old grandfather figure', used the way English-speaking kids might say 'gramps' or 'old gent'. Notable compound: 圣诞老公公 is the Taiwan/southern term for Santa Claus (the mainland prefers 圣诞老人).
history
In Ming and Qing court novels and dramas, 老公公 is the polite term used to address senior eunuchs, for example throughout 《红楼梦》 (Dream of the Red Chamber). Modern speakers using the term in this sense are almost always quoting period drama.