In this paper, we introduce an intriguing phenomenon-the successful reconstruction of images using a set of one-way wave equations with hidden and learnable speeds. Each individual image corresponds to a solution with a unique initial condition, which can be computed from the original image using a visual encoder (e.g., a convolutional neural network). Furthermore, the solution for each image exhibits two noteworthy mathematical properties: (a) it can be decomposed into a collection of special solutions of the same one-way wave equations that are first-order autoregressive, with shared coefficient matrices for autoregression, and (b) the product of these coefficient matrices forms a diagonal matrix with the speeds of the wave equations as its diagonal elements. We term this phenomenon hidden waves, as it reveals that, although the speeds of the set of wave equations and autoregressive coefficient matrices are latent, they are both learnable and shared across images. This represents a mathematical invariance across images, providing a new mathematical perspective to understand images.