THERMAL MANAGEMENT SYSTEM

A thermal management system comprises: a refrigerant flow path, a coolant liquid flow path, a first heat exchanger (9), and a second heat exchanger (10). The refrigerant flow path comprises a compressor (1), a first indoor heat exchanger (2), a first flow regulation device (4), and a second flow regulation device (5). The coolant liquid flow path comprises a first heat exchange assembly (11) and a heater (12). The first heat exchanger (9) comprises a first heat exchange portion (91) and a second heat exchange portion (92), and the second heat exchanger (10) comprises a third heat exchange portion (101) and a fourth heat exchange portion (102). In a first heating mode, the compressor (1), the first indoor heat exchanger (2), the second flow regulation device (5), and the fourth heat exchange portion (102) communicate to form a loop, the first heat exchange assembly (11), the heater (12), and the third heat exchange portion (101) communicate to form a loop, and the second flow regulation device (5) regulates a flow of the refrigerant flow path. In a second heating mode, the compressor (1), the first indoor heat exchanger (2), the first flow regulation device (4), and the second heat exchange portion (92) communicate to form a loop, the first heat exchange portion (91) and the heater (12) communicate to form a loop, and the first flow regulation device (4) regulates a flow of the refrigerant flow path. The thermal management system provides thermal energy required for heating by at least one of the following selectable processes: heating of the heater (12), and generating excess heat during operation of the first heat exchange assembly (11).