THERMAL MANAGEMENT SYSTEM

A thermal management system includes a cooling liquid circulation flow path, a refrigerant circulation flow path and a first heat exchanger. The first heat exchanger includes a first heat exchange portion and a second heat exchange portion. The cooling liquid circulation flow path includes a first heat exchange assembly, a second heat exchange assembly and a first branch. The thermal management system has a heating mode. After passing through the first heat exchange assembly, one path of the cooling liquid flows to the first branch, and another path of the cooling liquid flows to the second heat exchange assembly. The cooling liquid after flowing through the first branch and after flowing through the second heat exchange assembly merge and then flow to the first heat exchange portion. As a result, the number of heat exchangers used by the thermal management system to recover waste heat is reduced.