Video-based high-density crowd analysis and prediction has been a long-standing topic in computer vision. It is notoriously difficult due to, but not limited to, the lack of high-quality data and complex crowd dynamics. Consequently, it has been relatively under studied. In this paper, we propose a new approach that aims to learn from in-the-wild videos, often with low quality where it is difficult to track individuals or count heads. The key novelty is a new physics prior to model crowd dynamics. We model high-density crowds as active matter, a continumm with active particles subject to stochastic forces, named `crowd material'. Our physics model is combined with neural networks, resulting in a neural stochastic differential equation system which can mimic the complex crowd dynamics. Due to the lack of similar research, we adapt a range of existing methods which are close to ours, and other possible alternatives for comparison. Through exhaustive evaluation, we show our model outperforms existing methods in analyzing and forecasting extremely high-density crowds. Furthermore, since our model is a continuous-time physics model, it can be used for simulation and analysis, providing strong interpretability. This is categorically different from most deep learning methods, which are discrete-time models and black-boxes.