I feel this song has too long been a mystery. I step by step cracked this song and I feel I have a good understanding. It's about INNOCENCE. Here is my line by line interpretation compare it to actual lyrics, it also makes sense because in the video it shows a child discovering lovers:

My beautiful child
I've been waiting for you
You came here signed, with a kiss from your parents,
The song happy birthday was created for just you

(I can never keep myself together
Will you be taking my heart to pieces?)

Oh, it'll take a little time to get you undone,
might take a little wrongdoing
to get you undone

(PRECHORUS)
We'll try to ignore
the obvious signs of saddness and happiness (ideas of love outside parental love)
Hey child, stay innocent
And make me cry for this world (leave parents behind to cry for childs growing up)

(CHORUS)
Who do you need, who do you love (Questions the “child” will ask)
When you loose your innocence
(repeat)

(Verse 2)
Words, I feel I remember
I swear I've heard them before (parents love versus a lovers love)
Chills, are they just a reaction
Or are they magic I'm taking off your fingers

(Can't ever keep from giving away my innocence
Will you please take my heart to pieces?)

Lost, in a snow filled sky, we'll make it alright (despite all the confusion we will be ok)
To loose our innocence.

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