Here's a breakdown:
* 好 (hǎo) means "good" or "okay," and it's often used as a polite way to start a sentence.
* 我 (wǒ) means "I" or "my".
* 的 (de) is a possessive particle that indicates ownership.
* 名字 (míngzi) means "name".
* 是 (shì) means "is" or "am".
* Xiao (xiǎo) is a common Chinese name.
So, the phrase translates to "Okay/Good, my name is Xiao."
It's important to note that the "hao" part is optional and is mainly used for politeness. You can simply say "wo de ming zi shi xiao" and it will still mean "My name is Xiao."