THERMAL MANAGEMENT SYSTEM

A thermal management system, comprising a compressor (10), a first throttling device (202), a flow rate adjustment portion (2100), a first heat exchanger (101), a second heat exchanger (102), a third heat exchanger (103) and an intermediate heat exchanger (203); the flow rate adjustment portion (2100) comprises a throttling unit (205) and a valve unit (206), the intermediate heat exchanger (203) comprises a first heat exchange portion and a second heat exchange portion, the second heat exchange portion comprising a first port (25), a second port (21) and a third port (22), the first port (25) of the second heat exchange portion being in communication with a refrigerant outlet of the first heat exchanger (101) or being in communication with a refrigerant inlet of the second heat exchanger (192) by means of the first throttling device (202); the first port of the third heat exchanger (193) is in communication with the third port (22) of the second heat exchange portion by means of the valve unit (206), and the second port (21) of the second heat exchange portion is in communication with the first port of the third heat exchanger (103) by means of the throttling unit (205). The operation mode of the thermal management system includes a heating mode and/or a dehumidification mode, and in said modes, a refrigerant flowing through the second heat exchange portion exchanges heat with a refrigerant flowing through a part of the first heat exchange portion.