The performance of an enhanced vapor-injection heat-pump drying system was designed and theoretically studied in cold areas. According to the simulation findings, the ideal vapor-injection charge of the system ranges from 12.3 to 13.9%, and its ideal intermediate pressure is between 1.278 and 1.498 MPa when the evaporation temperature is above 0 °C. The ideal vapor-injection charge of the system ranges from 13 to 20%, and its optimal intermediate pressure ranges from 1.078 to 1.278 MPa when the evaporation temperature is −15−0 °C. The ideal vapor-injection charge of the system ranges from 20 to 24%, and the intermediate pressure ranges from 0.898 to 1.078 MPa when the evaporation temperature is below −15 °C. The heat and humidity exhausted air source heat-pump drying (HHE−ASHPD) system has higher dehumidification efficiency than the closed heat-pump drying (CHPD) system under the same air temperature, humidity, and volume parameters.