In this work, the low-loss reverse conduction and high threshold voltage characteristics are simultaneously demonstrated in 1 kV/10 A $p$-GaN high electron mobility transistors (HEMTs) on an existing 6-inch process platform, thanks to the combined advantages of the uniquely designed source-controlled p-GaN hybrid structure and improved gate-stack layer. The reverse-conduction turn-on voltage of the resultant device is effectively decoupled from the threshold voltage and gate bias, which is different from the conventional p-GaN gate HEMTs. In addition, superior dynamic performances with nanosecond reverse recovery and switching characteristics are also realized, revealing the notable potentials of the high-$V_{\text{TH}}$ low-loss p-GaN HEMTs for high-power and high-frequency applications.