The investor mood for Vipshop Holdings Ltd. (VIPS.US) is oddly gloomy.

The discount e-commerce company’s latest quarterly report looked quite rosy — until you get to the part forecasting a decidedly downbeat outlook for the current quarter that runs through September. Vipshop’s apparent caution coincides with the latest warning signs about the Chinese economy, a combination that weighed on investors who, in different circumstances, might have otherwise cheered the company’s latest quarterly results.

Vipshop’s total net revenue increased 13.6% year-on-year to about 28 billion yuan ($3.8 billion) in the second quarter. Its profitability improved even more thanks to cost reductions, which led to a 23% increase in its gross profit and an even greater 64% gain in its net profit. Both the revenue and net profit beat analyst expectations.