"Love" means love.
"New" means to like the new and hate the old, and to alternate between the old and the new.
"Jue" means sleeping and resting.
"Luo" is a homophone for "naked", which means naked.
"Hong" is homophonic to "红", which means red and blood.
"Li" is homophonic to "Li", which means "Li Li La La".
To put it all together: I like to sleep naked, and I love to make new moves until my blood is flowing.