Meaning:
“爷,”which literally means “grandpa,” is jokingly used by Chinese people to refer to themselves, “青,” short for “青春” (qīngchūn)，refers to “youthful days,” and “结” is short for “结束” (jiéshù)， which means “to end.” Therefore, this catchphrase means “My youthful days are over.” This is often used when something or someone you’ve always cared for has become history. It’s also used sarcastically to express one’s shock at a very unusual happening.
Example:
A: 你听说没？腾讯微博月底要关闭了。
Nǐ tīngshuō méi？Téngxùn wēibó yuèdǐ yào guānbì le。
Have you heard the news? Tencent Weibo will stop its operation and service at the end of this month.
B: 爷青结。
Yéqīngjié。
Well, my youthful days are behind me and will never return.