Cell-free wireless networks deploy distributed access points (APs) to simultaneously serve user equipments (UEs) across the service region and are regarded as one of the most promising network architectural paradigms. Despite recent advances in the performance analysis and optimization of cellfree wireless networks, it remains an open question whether large-scale deployment of APs in existing wireless networks can cost-effectively achieve communication capacity growth. Besides, the realization of a cell-free network is considered to be a gradual long-term evolutionary process in which cell-free APs will be incrementally introduced into existing cellular networks, and form a hybrid communication network with the existing cellular base stations (BSs). Such a collaboration will bridge the gap between the established cellular network and the innovative cellfree network. Therefore, hybrid cellular and cell-free networks (HCCNs) emerge as a practical and feasible solution for advancing cell-free network development, and it is worthwhile to further explore its performance limits. This paper presents a stochastic geometry-based hybrid cellular and cell-free network model to analyze the distributions of signal and interference and reveal their mutual coupling. Specifically, in order to benefit the UEs from both the cellular BSs and the cell-free APs, a conjugate beamforming design is employed, and the aggregated signal is analyzed using moment matching. Then, the coverage probability of the hybrid network is characterized by deriving the Laplace transforms and their higher-order derivatives of interference components. Furthermore, the average achievable rate of the hybrid network over channel fading is derived based on the interference coupling analysis.