This couplet is a poem "Yuan Ri" by Wang Anshi, a poet in the Song Dynasty.
original text
The roar of firecrackers, the old year has passed; The warm spring breeze ushered in the New Year, and people happily drank the newly brewed Tu Su wine.
The rising sun sheds light on doors of each household, New peachwood charm is put up to replace the old.
To annotate ...
January: The first day of the first lunar month, that is, the Spring Festival.
Firecracker: the sound made by the ancients when they burned bamboo. It was used to ward off evil spirits and later evolved into setting off firecrackers.
One year old except: one year has passed. Except, passed away.
Tu Su: "It refers to Tu Su wine, and drinking Tu Su wine is also the custom of the ancient New Year in China. On the first day of New Year's Day, the whole family drank this wine soaked in Tu Su grass to ward off evil spirits and avoid epidemic diseases, so as to live longer.
Thousands of households: describe many portals and dense population.
Bend: the bright and warm appearance at sunrise.
Peach: Fu Tao is an ancient custom. On the first day of the first lunar month, people write the names of Shen Tu and Lei Yu on a mahogany board and hang them by the door to ward off evil spirits. Also called Spring Festival couplets.
translate
In the sound of firecrackers, the old year passed; The warm spring breeze ushered in the New Year, and people happily drank the newly brewed Tu Su wine. The rising sun shines on thousands of families, who are busy taking off the old peach charms and replacing them with new ones.
The whole poem is light in writing and bright in color, and the prospect of the eyes and the feelings in the heart complement each other. This is indeed a good poem with profound implications.
Couplets mean: the old year passed in the festive firecrackers on New Year's Eve. In the new year, people always want to make achievements and make a fortune in the new year, getting better and better every year.