The next-hop IP address of the route learned by an EBGP peer fails to be changed through a route-policy delivered using the apply ip-address next-hop command.
If an EBGP peer relationship is established through physical connections, the route-policy delivered using the apply ip-address next-hop command does not take effect. That is, the next-hop IP address cannot be changed.
You can use non-direct-connect addresses to establish EBGP peer relationships. For example, use a loopback interface address to establish an EBGP peer relationship.