An honoured companion embraced by genial boy (3-5)

I believe the answer is:

man-child

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'genial boy' is the definition.
The definition and answer can be both people as well as being singular nouns.
Perhaps they are linked in a way I don't understand?

'an honoured companion embraced by' is the wordplay.
'honoured companion' becomes 'ch' (Companion of Honour).
'embraced' is an insertion indicator.
'by' becomes 'mild' (I can't justify this - if you can you should give a lot more credence to this answer).
'an'+'ch'='anch'
'anch' placed inside 'mild' is 'MAN-CHILD'.

Can you help me to learn more?

I've seen this clue in The Guardian.

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