The power flow (PF) calculation for AC/DC hybrid systems based on voltage source converter (VSC) plays a crucial role in the operational analysis of the new energy system. The fast and flexible holomorphic embedding (FFHE) PF method, with its non-iterative format founded on complex analysis theory, exhibits superior numerical performance compared with traditional iterative methods. This paper aims to extend the FFHE method to the PF problem in the VSC-based AC/DC hybrid system. To form the AC/DC FFHE PF method, an AC/DC FFHE model with its solution scheme and a sequential AC/DC PF calculation framework are proposed. The AC/DC FFHE model is established with a more flexible form to incorporate multiple control strategies of VSC while preserving the constructive and deterministic properties of original FFHE to reliably obtain operable AC/DC solutions from various initializations. A solution scheme for the proposed model is provided with specific recursive solution processes and accelerated Padé approximant. To achieve the overall convergence of AC/DC PF, the AC/DC FFHE model is integrated into the sequential calculation framework with well-designed data exchange and control mode switching mechanisms. The proposed method demonstrates significant efficiency improvements, especially in handling scenarios involving control mode switching and multiple recalculations. In numerical tests, the superiority of the proposed method is confirmed through comparisons of accuracy and efficiency with existing methods, as well as the impact analyses of different initializations.