THERMAL MANAGEMENT SYSTEM

A thermal management system includes a compressor, an outdoor heat exchanger, a first valve control device, a first indoor heat exchanger, a second indoor heat exchanger and a second valve control device. The thermal management system includes a heating and dehumidifying mode. The first valve control device and the second valve control device both include a fully open mode and a throttle mode. In the heating and dehumidifying mode, the second valve control device is in the throttle mode, and the first valve control device is in the throttle mode or the fully open mode. In the cooling mode, the first valve control device is in the throttle mode, and the second valve control device is in the fully open mode or the throttle mode.