Industrial-scale recommender systems rely on a cascade pipeline in which the retrieval stage must return a high-recall candidate set from billions of items under tight latency. Existing solutions either (i) suffer from limited expressiveness in capturing fine-grained user-item interactions, as seen in decoupled dual-tower architectures that rely on separate encoders, or generative models that lack precise target-aware matching capabilities, or (ii) build structured indices (tree, graph, quantization) whose item-centric topologies struggle to incorporate dynamic user preferences and incur prohibitive construction and maintenance costs. We present GRank, a novel structured-index-free retrieval paradigm that seamlessly unifies target-aware learning with user-centric retrieval. Our key innovations include: (1) A target-aware Generator trained to perform personalized candidate generation via GPU-accelerated MIPS, eliminating semantic drift and maintenance costs of structured indexing; (2) A lightweight but powerful Ranker that performs fine-grained, candidate-specific inference on small subsets; (3) An end-to-end multi-task learning framework that ensures semantic consistency between generation and ranking objectives. Extensive experiments on two public benchmarks and a billion-item production corpus demonstrate that GRank improves Recall@500 by over 30% and 1.7$\times$ the P99 QPS of state-of-the-art tree- and graph-based retrievers. GRank has been fully deployed in production in our recommendation platform since Q2 2025, serving 400 million active users with 99.95% service availability. Online A/B tests confirm significant improvements in core engagement metrics, with Total App Usage Time increasing by 0.160% in the main app and 0.165% in the Lite version.