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Jyutping paau3 jau5
Pinyin pào yǒu

Definitions (粵典–words.hk)
  1. 名詞
    約​出​嚟​打炮​(​上​牀​)​嘅​朋友​;​SP​;​性伴​侶​(​量​詞​:​個​)
    friend with benefits; sex partner; literally, cannon friend, since 打炮"hitting cannon" is a slang for having sex

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Jyutping paau3 jau2
Pinyin pào yǒu

Definitions (CC-CEDICT)
  1. fuck buddy
  2. friend with benefits
Definitions (Wiktionary)
  1. noun, colloquial, neologism, vulgar
    casual sex partner; friend with benefits; fuck buddy
Examples (Tatoeba—Mandarin-English)
  1. Mandarin
    我们一直是很好的炮友。
    我們一直是很好的炮友。
    wǒ men yī zhí shì hěn hǎo de pào yǒu 。
    • We were always very good fuck buddies.
    • We've always been very good fuck buddies.
  2. Mandarin
    最后我成功和那个女孩成为了炮友关系。
    最後我成功和那個女孩成為了炮友關係。
    zuì hòu wǒ chéng gōng hé nà ge nǚ hái chéng wéi le pào yǒu guān xi 。
    • In the end, I did manage to become friends with benefits with that girl.
  3. Mandarin
    我不是想要老婆,我想找个炮友而已。
    我不是想要老婆,我想找個炮友而已。
    wǒ bú shi xiǎng yào lǎo pó , wǒ xiǎng zhǎo gè pào yǒu ér yǐ 。
    • It's not a wife that I want, but a sex friend.