A thermal management system improves thermal property of the speaker system by promoting air circulation to cool the speaker system. The thermal management system includes a speaker frame, an air guide formed on the speaker frame for guiding the air, a ventilation slit formed on the air guide which penetrates through the speaker frame for air communication, and a spider mounting ring for mounting a spider of the speaker system on the speaker frame. The spider mounting ring has a cut-out at its upper edge which positionally match the air guide. The cut-out is curved sharply at its upper surface while a lower edge of the spider mounting ring is gently curved, thereby creating an air passage of directional property.