Workers examine the forging machine at Wuxi Paike New Materials Technology Co Ltd, a leading player of the forging industry in Wuxi, Jiangsu province. [Photo provided to China Daily]

A Wuxi-based private firm generated a recorded turnover of 540 million yuan ($84 million) last year, up 40 percent year-on-year, according to its deputy general manager.

Wuxi Paike New Materials Technology Co Ltd, established in 2006, is a leading player in producing forged components in aerospace and aviation, wind power and nuclear power.

In 2012, the firm transformed and upgraded its manufacturing facility and products amid strong competition at the low-cost end of the industry.

It established a production line of high-end products like lightweight alloys and high-temperature resistant alloys.

"The profits of such high value-added products account for more than 30 percent of the total turnover last year," said Li Yaojun, the deputy general manager of the firm.

Li noted that more than half of their items would be high value-added products in the future.

To meet the high demands of the market, the firm has also vigorously promoted innovation cooperation with universities and research institutes.

It has established long-term cooperation with leading universities like Central South University and Shanghai Jiaotong University.

As of 2017, the firm owns 59 patents, 27 of them invention patents, and has become an important supplier of aerospace engines and gas turbines.

Li stressed that technological innovation will help inject new impetus into the development of private firms.

According to him, the firm will enable the products to reach target clients in European and American countries.