THERMAL MANAGEMENT SYSTEM

A thermal management system includes a compressor, a first throttling device, a flow rate adjustment portion, a first heat exchanger, a second heat exchanger, a third heat exchanger and an intermediate heat exchanger. The flow rate adjustment portion includes a throttling unit and a valve unit, the intermediate heat exchanger includes a first heat exchange portion and a second heat exchange portion, and the second heat exchange portion includes a first port, a second port and a third port. The first port of the second heat exchange portion is in communication with a refrigerant outlet of the first heat exchanger or a refrigerant inlet of the second heat exchanger by the first throttling device.