炸 is deep-fried, 鮮 is fresh, and 奶 is milk, so 炸鮮奶 is deep-fried fresh milk (although Chinese milk-based desserts typically originate from the days of powdered milk).
鮮奶 is also part of the name for latte, fresh milk coffee (鮮奶咖啡).
About This Dish
Sometimes called fried milk custard or fried milk custard balls, this dessert is made with milk thickened with cornstarch and cooled, then coated in a batter and deep-fried.